By GEORGIA WESTGARTH
CRANBOURNE Masters hardware store has been open less than four months, but may close its doors this year after parent company Woolworths Limited announced ongoing financial losses on Monday 18 January.
The Thompsons Road store officially opened on Saturday 10 October, boasting 130 new jobs for locals.
But that job security is now shot as the timber and hardware chain prepares for possible closure nationwide.
In a statement from Woolworths, the company highlighted its operating performance saying that “it will take many years for Masters to become profitable”.
“We have determined we cannot continue to sustain ongoing losses from this business,” the statement read.
A spokesperson for Woolworths said Masters stores will stay open as usual for “some months to come”.
“What we’ve announced is we intend to exit the business,” they said.
“How we exit, which will either be through the sale process or a wind-up process, has yet to be decided and an outcome on this is some time away.”
But some Masters staff may keep ongoing employment within Woolworths.
“If Woolworths is unable to sell all of the business and has to close any of the operations, it will seek to provide alternate employment opportunities within the Woolworths Group to all current Home Improvement employees,” they said.
The Cranbourne store was the 62nd Masters to open in Australia.
