Woolworths to pay $100 million to shut down failing online marketplace MyDeal

Woolworths will salary $100 cardinal to unopen down nan online marketplace MyDeal to trim its losses and attraction connected much profitable parts of nan business.

The supermarket elephantine earlier this twelvemonth announced an appraisal into unprofitable and low-return parts of its operations.

Following that review, Woolworths coming confirmed it will adjacent nan MyDeal website connected September 30 and displacement its attraction to Big W Market and Everyday Market.

Woolworths Group main executive Amanda Bardwell said nan determination was made owed to nan "intensely competitory environment" and nan "superior economics of marketplaces integrated into unit brands".

"The closure of MyDeal will lead to a meaningful simplification successful Woolworths MarketPlus operating losses erstwhile completed," she said successful a statement.

"Woolworths MarketPlus will proceed to leverage nan MyDeal exertion platform, seller relationships and capabilities to turn nan Group's BIG W Market and Everyday Market unit banners."

The closure comes conscionable 3 years aft Woolworths acquired MyDeal successful 2022, aft offering to bargain an 80 per cent stake, to compete pinch online giants for illustration Amazon.

Bardwell thanked nan MyDeal squad for their "hard activity and contribution" to nan level successful that clip and nan wider business.

Woolworths will walk astir $90 cardinal to $100 cardinal to adjacent MyDeal, including payments for unit redundancies.

A further $45 cardinal successful assets will beryllium lost.

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