Latest news with #SeanSenvirtne
The Advertiser
20 hours ago
- Business
- The Advertiser
Woolworths bins MyDeal amid stiff online competition
Woolworths will shut down MyDeal, the e-commerce marketplace it acquired a majority stake in three years ago for $217.5 million. The retail giant says MyDeal will close by September 30, so it can focus on the online marketplaces that complement its and websites. Woolworths chief executive Amanda Bardwell said MyDeal had brought marketplace expertise and leading technology to the group's online platforms. "However, given the intensely competitive environment and the superior economics of marketplaces integrated into retail brands, we have made the decision to close the MyDeal customer website," she said on Friday. The closure is part of an assessment Woolworths began in February, looking to address areas where there isn't a clear path to profitability or the prospect of a reasonable return on capital. Shutting down MyDeal is expected to cost Woolworths $90 million to $100 million, including the cost of acquiring the other 20 per cent of MyDeal from its founder and CEO, Sean Senvirtne, and other key management shareholders. MyDeal's closure follows that of which Wesfarmers shuttered on March 31 after years of losses. The Kmart and Target owner bought Catch in June 2019 for $230 million. Woolworths will shut down MyDeal, the e-commerce marketplace it acquired a majority stake in three years ago for $217.5 million. The retail giant says MyDeal will close by September 30, so it can focus on the online marketplaces that complement its and websites. Woolworths chief executive Amanda Bardwell said MyDeal had brought marketplace expertise and leading technology to the group's online platforms. "However, given the intensely competitive environment and the superior economics of marketplaces integrated into retail brands, we have made the decision to close the MyDeal customer website," she said on Friday. The closure is part of an assessment Woolworths began in February, looking to address areas where there isn't a clear path to profitability or the prospect of a reasonable return on capital. Shutting down MyDeal is expected to cost Woolworths $90 million to $100 million, including the cost of acquiring the other 20 per cent of MyDeal from its founder and CEO, Sean Senvirtne, and other key management shareholders. MyDeal's closure follows that of which Wesfarmers shuttered on March 31 after years of losses. The Kmart and Target owner bought Catch in June 2019 for $230 million. Woolworths will shut down MyDeal, the e-commerce marketplace it acquired a majority stake in three years ago for $217.5 million. The retail giant says MyDeal will close by September 30, so it can focus on the online marketplaces that complement its and websites. Woolworths chief executive Amanda Bardwell said MyDeal had brought marketplace expertise and leading technology to the group's online platforms. "However, given the intensely competitive environment and the superior economics of marketplaces integrated into retail brands, we have made the decision to close the MyDeal customer website," she said on Friday. The closure is part of an assessment Woolworths began in February, looking to address areas where there isn't a clear path to profitability or the prospect of a reasonable return on capital. Shutting down MyDeal is expected to cost Woolworths $90 million to $100 million, including the cost of acquiring the other 20 per cent of MyDeal from its founder and CEO, Sean Senvirtne, and other key management shareholders. MyDeal's closure follows that of which Wesfarmers shuttered on March 31 after years of losses. The Kmart and Target owner bought Catch in June 2019 for $230 million. Woolworths will shut down MyDeal, the e-commerce marketplace it acquired a majority stake in three years ago for $217.5 million. The retail giant says MyDeal will close by September 30, so it can focus on the online marketplaces that complement its and websites. Woolworths chief executive Amanda Bardwell said MyDeal had brought marketplace expertise and leading technology to the group's online platforms. "However, given the intensely competitive environment and the superior economics of marketplaces integrated into retail brands, we have made the decision to close the MyDeal customer website," she said on Friday. The closure is part of an assessment Woolworths began in February, looking to address areas where there isn't a clear path to profitability or the prospect of a reasonable return on capital. Shutting down MyDeal is expected to cost Woolworths $90 million to $100 million, including the cost of acquiring the other 20 per cent of MyDeal from its founder and CEO, Sean Senvirtne, and other key management shareholders. MyDeal's closure follows that of which Wesfarmers shuttered on March 31 after years of losses. The Kmart and Target owner bought Catch in June 2019 for $230 million.
Daily Mail
a day ago
- Business
- Daily Mail
BREAKING NEWS Woolworths to close major online retailer at a cost of $100million - what you need to know
Woolworths will close online retail marketplace MyDeal at an estimated cost of $100million to improve the supermarket giant's profitability. The marketplace, which offers a wide range of home and lifestyle products, was founded by entrepreneur Sean Senvirtne in 2011. It was acquired by the Woolworths Group in September 2022. Woolworths Group chief executive Amanda Bardwell said the decision to close MyDeal had been made following a strategic review into its profitability. 'MyDeal has brought marketplace expertise and leading technology to the Group's marketplace platform, Woolworths MarketPlus, enabling rapid GMV growth,' she said. 'However, given the intensely competitive environment and the superior economics of marketplaces integrated into retail brands, we have made the decision to close the MyDeal customer website.' More to come.
Perth Now
a day ago
- Business
- Perth Now
Woolworths bins MyDeal amid stiff online competition
Woolworths will shut down MyDeal, the e-commerce marketplace it acquired a majority stake in three years ago for $217.5 million. The retail giant says MyDeal will close by September 30, so it can focus on the online marketplaces that complement its and websites. Woolworths chief executive Amanda Bardwell said MyDeal had brought marketplace expertise and leading technology to the group's online platforms. "However, given the intensely competitive environment and the superior economics of marketplaces integrated into retail brands, we have made the decision to close the MyDeal customer website," she said on Friday. The closure is part of an assessment Woolworths began in February, looking to address areas where there isn't a clear path to profitability or the prospect of a reasonable return on capital. Shutting down MyDeal is expected to cost Woolworths $90 million to $100 million, including the cost of acquiring the other 20 per cent of MyDeal from its founder and CEO, Sean Senvirtne, and other key management shareholders. MyDeal's closure follows that of which Wesfarmers shuttered on March 31 after years of losses. The Kmart and Target owner bought Catch in June 2019 for $230 million.
West Australian
a day ago
- Business
- West Australian
Woolworths bins MyDeal amid stiff online competition
Woolworths will shut down MyDeal, the e-commerce marketplace it acquired a majority stake in three years ago for $217.5 million. The retail giant says MyDeal will close by September 30, so it can focus on the online marketplaces that complement its and websites. Woolworths chief executive Amanda Bardwell said MyDeal had brought marketplace expertise and leading technology to the group's online platforms. "However, given the intensely competitive environment and the superior economics of marketplaces integrated into retail brands, we have made the decision to close the MyDeal customer website," she said on Friday. The closure is part of an assessment Woolworths began in February, looking to address areas where there isn't a clear path to profitability or the prospect of a reasonable return on capital. Shutting down MyDeal is expected to cost Woolworths $90 million to $100 million, including the cost of acquiring the other 20 per cent of MyDeal from its founder and CEO, Sean Senvirtne, and other key management shareholders. MyDeal's closure follows that of which Wesfarmers shuttered on March 31 after years of losses. The Kmart and Target owner bought Catch in June 2019 for $230 million.
