Business & Finance

Woolworths Confirms Approval To Acquire Franklins' Stores

May 22nd, 2001

Woolworths' CEO, Roger Corbett, today confirmed that the Australian Competition and Consumer Commission (ACCC) had provided a clearance for the purchase by Woolworths of 67 Franklins stores as part of a total package involving the sale of all of Franklins' 287 stores.

"Woolworths is pleased to have been given the opportunity to further improve competition in the areas in which each of the 67 stores are located," Roger Corbett said.

"We expect to invest a considerable amount in upgrading these stores and in improving the range, quality and price offer to customers in these stores."

"The acquisition is subject to execution of documentation which is imminent and would increase Woolworths share of the Australian Food, Liquor and Grocery (FLG) market by approximately 1.9% to 26.5%. This is still low, by world standards," Mr. Corbett said.

"It will also provide the certainty of employment for approximately 7,000 existing Franklins' employees and enable them to enjoy the tremendous opportunities for increased career development as part of the Woolworths team."