Woolworths not the Masters of home improvement

Supermarket giant Woolworths (ASX: WOW) announced on Monday that it will exit the failing home improvement and hardware business Masters, by either selling or winding it down. After an extensive review, Chairman Gordon Cairns said it would take several years for Masters, which was established in 2011, to become profitable. The company said the decision will allow Woolworths to focus on strengthening its core businesses, including its supermarket chain which is battling competition from rivals Coles and Aldi. Woolworths shares closed up 5.4% for the week. We do not own Woolworths in the investment portfolio.