Woolworths Limited is looking to either sell or wind up its struggling home improvement arm, which includes the Masters home improvement and Home Timber and Hardware chains. Chairman, Gordon Cairns, said, "We have determined we cannot continue to sustain ongoing losses from this business," he added, "We intend to pursue an orderly prospective sale or wind-up of the business." Woolworths Limited is looking to either sell or wind up its struggling home improvement arm, which includes the Masters Home Improvement Australia Pty Ltd. and Home Timber & Hardware chains. Chairman, Gordon Cairns, said, "We have determined we cannot continue to sustain ongoing losses from this business," Gordon Cairns added, "We intend to pursue an orderly prospective sale or wind-up of the business." Citigroup Inc. (NYSE:C) is expected to play a role in Woolworths' sale of its home improvement unit, which includes Masters and Home Timber & Hardware.

Citigroup has been involved in assessing the hardware division's future and would be in pole position to be involved in its sale.