Masters hardware jobs on Central Coast in doubt as Woolworths moves to sell or close chain

Hundreds of existing and promised new jobs could be scrapped as Woolworths plans to sell or close its struggling hardware chain.

Woolworths announce they will either sell off their hardware stores Masters Home Improvements or close stores down if no buyer is found. Customers L-R Ebony, Tina and Amber Toth at the new Marsden Park store pictured outside. Picture: Toby Zerna

• Masters planned $26m Tuggerah Store
• Woolworths winds up Masters DIY chain after heavy losses
• Masters move to new Mulgoa Rd site at Penrith

The future of hundreds of jobs at Masters Home Improvements on the Central Coast is uncertain as retail giant Woolworths moves to sell off or close its struggling home improvement arm.

Both the Masters hardware chain and Home Timber & Hardware have sustained heavy financial losses in recent times.

The huge Masters store at West Gosford was the fifth built by the company in NSW, opening in December 2013 with the promise of 113 jobs.

The future of a proposed $26m Masters Development at Tuggerah - approved last November - is also now in doubt along with the 130 jobs that were promised there.

As many as 7000 jobs are under a cloud Australia wide.

West Gosford Store manager, Ken Spencer said just two years ago at the opening of the business that it was “a first step on an exciting and fulfilling career in retail for many people”.

However, today (Monday) Mr Spencer was more reticent, saying he was “not ready” to comment on the future of the West Gosford operation.

The huge store covers 13,500 sqm and is one of 63 Masters outlets in Australia.

West Gosford store manager Ken Spencer, on the shop floor.

The sale or wind up of Masters’ 63 nationwide stores will bring to an end one of the worst investment decisions made by Woolworths when in 2011 it opened its first Masters chain, in conjunction with its partner Lowe’s, with the plan to take on market leader Bunnings.

The decision comes on the same day arch rival Bunnings unveiled its deal to push into the UK hardware market.

Woolworths shares were up $1.59, or 7.02 per cent, at $24.25 today while most other stocks suffered another market slump.

Woolworths announce they will either sell off their hardware stores Masters Home Improvements or close stores down if no buyer is found.

TUGGERAH STORE PLANS

The Tuggerah Masters store was unanimously approved by the Joint Regional Planning Panel at its Wyong meeting in Movember 2105.

Masters planned to ­spend more than $26 million on the development at the corner of Wyong Rd and Tonkiss St including the Masters outlet and public art.

More than 130 jobs are ­expected to be created once the Masters store is opened for business.