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It comes as Big W announced it was looking to shutter around 60 of its 183 locations.
Macquarie Wealth Management revealed the news in a client note last week, stating that they 'may close' 60 stores Australia-wide after losing $110 million last financial year and $8 million in the first half of 2019.
‘Partial closure of the most unprofitable and shorter lease stores is more likely,’ Macquarie said in the note, published in The Australian.
‘Given significant closure costs for the portfolio, a more likely scenario is Woolworths to close up to one-third of its stores (60 stores), in our view. This cost could be around $759 million.’
The company has not yet revealed which stores could be affected by the closures.
