BIGGEST Stores Could Be About To Disappear FOREVER
Retail giant Wesfarmers, the owners of Coles, is set to sell Officeworks following a strategy review of the stationary and office supply chain.
Earnings for Officeworks have doubled since 2009 and is turning a good profit but marketing director Richard Goyder said it is time to make a profit.
"Officeworks is well positions for future growth with a strong competitive position and ongoing initiatives to grow its addressable market," he said.
"In light of its performance, options to monetise the value created for shareholders, including via an initial public offering, are being evaluated."
He went on to say that Officeworks would not be sold if the sale options did not match their valuation.
It could see the name Officeworks disappear off our streets if a rival chain such as Staples grabbed hold the business.
Staples is the world's biggest stationary store and operates 3,856 stores worldwide and are the frontrunners to take over the business.
The decision from Wesfarmers comes after the business decided to focus on Coles’ rather than spending money on their shops that do not turn as much profit.