Expected result.
That's a lot of stock to move.
"Inventory divestment specialist GA Australia will manage the sale of Masters' stock which is expected to fetch $500 million."
http://www.news.com.au/finance/business/retail/masters-hardw…
Masters Closure: 4 Month Fire Sale to Begin
L[Deactivated] on 24/08/2016 - 17:39
Last edited 24/08/2016 - 21:47
Last edited 24/08/2016 - 21:47
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Dick Masters?
Cant wait!
Still never been to a Masters.
It's like Bunnings but shittier. I would hurry up and get to one if you don't want to miss out on the experience.
I don't know. Bunnings wins the shittiest staff award & cheaper-than cheap items that break before they are even out of the box.
another one fails..
if only corporations are not paying millions to the CEO but used that money to get quality products and lower margin, maybe businesses can surviveThe CEO pay has little to do with the demise of Masters. Their execution on the roll out plan on the stores is what went wrong.
Their execution on the roll out plan on the stores is what went wrong.
Which was the responsibility of the former CEO and the CEO before that who wanted to get into Hardware as he was into DIY personally and didn't want to shop at Woolworths main rival Wesfarmers.
I said CEO PAY, I never said the CEO isn't at fault or partly to blame.
Seems to me if Bunnings boss can make it work Masters boss should be able to.
The whole cut and run is about risk aversion and the CEO maintaining job and salary.
Never shopped at Masters before. Looks like I'll have to get in before closure.
Three way deal expected for Woolworths hardware sources
Street Talk can reveal the consortium comprised of wealthy family offices is expected to take the property assets and Metcash is in line to buy HTH.
This column can also exclusively reveal that the Great American Group, run by Kevin Olson, is set to take the hardware inventory.
I wonder how this fire sale is going to run with the Great American Group buying the inventory.
Do they control the sale of inventory asap if they are buying it all or do they only buy whats left after Masters sell off and then have their own sale.I reckon the price is paid for the entire inventory, Masters took the best offer and now Great American Group sell it off (as soon as the deal is signed) but they still aim to make a profit on their purchase costs.
Either way there should be some very good deals soon.
Also just noticed that the online store has most, if not everything, listed as available instore only.
Could be because the current sales have ended but maybe not.I might head down to my local and hide a couple things in anticipation of the upcoming sale.
What usually happens in this scenario if they are going to wind down and close the stores is that Masters will sell what they can and then at a certain date GAG will purchase the rest of the inventory at some ridiculous price like 10c in the $1 and then dump it in some other region.
Or you know, sell it at 20c in the $1 to Mitre 10/Bunnings.
Well the announcement to the ASX says GA Australia has underwritten stock to value of $500M for Woolworths so don't know how much of a fire sale it will be as GAA wants to make a nice profit as well.
I'm sure they have more than 500mil of stock. Or they underwrote it for a very cheap price.
But with the Lowes going to court injunction today. This might all be a moot point!
No doubt they have more than $500M in stock but that's Masters cut. GA will want to make a sweet profit too so they will go down the 20% to 30% off sales when we on ozbargain know they have had better sales
Good to know. Thanks OP. Though it is regetful there shall be no viable rival to Bunnings.
While I want to be sad one of my favourite stores is closing I can't help but think of all the good closing down deals.
I'd be sad if I lived right next to a Masters and it was closing down. Luckily I live next to one of the busiest Bunnings in Melbourne so lucky me.
I hope the Honda mowers will be on special…..
I was going to get some doors with their 20% off starting today catalogue… only to find out its no longer available….
grrrrr, i don't think click & collect is available anymore, everything is "in-store only"
Phone order could work if you can get someone to answer the phone. Had one store even pick up and then hang up. It would be terrible if it was a family crisis phone call.
I didn't know Masters phone number was 0000?
Not all people have mobile phones or have their phone on whilst at work?
nice call though
we're all gonna get screwed by bunnings after masters has closed
I'm hoping Mitre10 will step up and put Woolworths to shame for the shoddy job they've done.
agreed. this isnt a good thing leaving bunnings wide open with a virtual monopoly on hardware/diy
watching this for deals.
Dear Valued Customer,
We're getting in touch with you today following the announcement that the Masters Home Improvement business is to be wound up and Masters stores are to be closed by early December.
As a loyal Masters customer we wanted you to be among the first to know. While it is deeply disappointing for us to have to close our stores, in the weeks between now and our final day of trade there will be plenty of reasons for you to visit Masters as we offer once-in-a-lifetime deals to clear stock.
Unfortunately, our online store has ceased trading and we will be unable to continue offering Click & Collect. However, we will endeavour to fulfil all online orders that have already been placed. Of course, our website is still available to browse for information and we will keep you up to date with what's on offer via email.
As always, we appreciate your loyalty to Masters Home Improvement and look forward to seeing you in store soon.
The Masters Team
And I have yet to get refund on two n/a items on click and forget/ forgo order. Got two items out of four.
when do we expect discounting to commence…? to early to go in or worth a punt?
"The entire store will be on sale," said Kevin Olson, general manager of GA Australia, a liquidation specialist that is running the Masters sell down.
"The lion's share will be anywhere up to probably 30 per cent [off]."
thanks for posting that….i read that this morning too. sounds like a lot of stock to move…
MEGALO MEGALO MEGALO
Interesting = called into one store in Brisbane and they were unpacking plants labeled from another store in a nearby country city.
Timber decking at that store was a large quantity before announcement at 50% discount. No stock of that decking at all even at 10% discount. so confused - than that's not hard.
What we know so far,
Sales won't start til next week
So don't bother checking prices this weekendCatalog is no longer valid
Technically they are still taking stuff back, faulties. Don't bet on change of mind, they will do anything to not take it back.
Price match no longer applies
store closure means a closuer of a business and many ones loose their jobs…. I just feel sad like when i heard Dicksmith 's closure
I was thinking of starting a forum to post deals you may see in store. Do you think that would be helpful since the catalogue probably won't have everything and some items will be store specific.
Sale forums will be good as it will alert us to what maybe there or not.😱
Do they sell TVs… I have no idea :(
I'm sure they will sell you TV's classed as 'fixtures'.
Went there this morning, most things are 10% off and still accept Wish gift cards I've been told so that makes it ~15% off.
Nothing too exciting at Knoxfeild. Not even sure what was 30%???
When whitegoods and stoves get to 20-25% there will be some good deals, but that may be a while off.
They should probably shut all the woolies as well.how shit have they become lately?
Was at Masters today I was told prices are no longer set by them but the company overseeing closure.
Item i needed to buy was increased by just over 27% from last weeks non discount price then they are advertising 10% off that as if its a good deal - complete rip off.
I wonder if K/Bogan will buy masters.com.au?