Posters plastered to the external walls of Masters Taree signal the beginning of the end of trading in the Manning Valley.
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The massive fire sale began this week after Woolworths set a December closing date for its failed home improvement chain Masters. All stores will close on or before December 11.
On Thursday, August 25 local staff were briefed about the announced closure. According to a Woolworths spokesperson, everything from paint, timber, barbecues, vacuum cleaners and all other Masters stock would be sold. Across all stores the stock is estimated to be worth between $600 and $700 million.
Home Consortium, whose owners include the families behind the Chemist Warehouse and Spotlight, will buy the joint venture vehicle, Hydrox Holdings, for about $800 million including debt and Woolworths said it would make gross proceeds of $1.5 billion by selling out of its hardware assets, according to The Sydney Morning Herald.
The Taree store officially opened in May 28, 2014. At that time the store was the ninth store in NSW and the 47th in the network – there are now 61 stores.
The Manning Valley community last week rallied on social media on the Manning River Times Facebook page to voice support for staff at the Taree store and to express concern about the loss of jobs in the region.
Mark Anning: It is sad news beyond the control of the local staff. Masters Taree were really fantastic in donating goods worth thousands of dollars to the Manning Valley Community Gardens to build two shade pergolas.
Diane Willey: Sad. I hope that whoever takes over the building also re-employs wonderful staff. They are all so helpful and friendly.
Gail Jackson: Sad news for all the staff, our region is a hard place to find work - my heart goes out to all the staff and their families.