Woolworths is cutting 500 jobs, closing 30 stores and looking to sell EziBuy as the struggling supermarket chain pushes ahead with a major restructure.
The moves to make to supermarket chain more efficient will mean restructuring costs of $959 million to be recognised in the 2016 financial year results.
CEO Brad Banducci says the turnaround measures since he was appointed in February this year are showing real momentum.
Five months ago I said we would work hard to get customers to put us first, to improve our culture and rebuild momentum, he says.
Todays announcement demonstrates both the progress we are making and our absolute commitment to act quickly to rebuild the business by doing the right thing by our …