Australia’s Woolworths Exits Consumer Electronics Biz

Australia's top supermarket chain Woolworths Ltd. agreed to sell its Dick Smith Electronics chain in Australia and its Indian wholesale venture for a combined A$55 million ($56.88 million) under a plan to exit the consumer electronics segment. Woolworths said private equity firm Anchorage Capital Partners will buy the Dick Smith chain for initial cash proceeds of A$20 million, compared with A$200 million expected by analysts last year when the plan was announced as a weak retail environment takes its toll, Reuters wrote.

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