Retail in Asia

Woolworths slugged with USD7.8m-plus in damages after losing Masters case

A landowner has won his battle against Woolworths for abandoning its lease over a Masters store in the regional Victorian city of Bendigo, delivering an AUD11 million (USD7.8m)-plus blow to the retail giant.

The Supreme Court of Victoria found Woolworths had failed to act in good faith with private property developer North East Solution after it ditched a deal with the company to chase a lease on another site in Bendigo being pursued by rival hardware chain Bunnings.

The victory for Brendan Blake, who was represented by Tisher Liner FC Law, leaves Woolworths’ outgoing chief executive Grant O’Brien, who was closely involved in the deal, red-faced.