Wesfarmers, the Australian conglomerate, has decided to keep the Kmart retail business.
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Kmart, a struggling division of the Coles business that Wesfarmers acquired in November, is understood to have performed “better” in the last few months.
“The focus on an enhanced product offer and a better value proposition for customers will continue,” said Richard Goyder, managing director of Wesfarmers.
“The board will monitor performance over time, as it does with all Wesfarmers-owned businesses.”
When plans for the acquisition of Coles were originally outlined in August last year, the company said Kmart would be operated as a separate division while they undertook a “detailed strategic review of the various options for the business”.
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By GlobalDataGoyder, meanwhile, also announced the retirement of Kmart managing director, Larry Davis, at the end of April.
Mark Goddard, Kmart’s general manager of merchandising, will take the reins until a permanent replacement is found.
