Woolworths May Sell Two David Jones Stores in Revamp Efforts

Woolworths Holdings Ltd., the South African food and clothing retailer which bought David Jones last year, may sell two of the Australian retailer’s sites as it looks to revamp other stores in central business districts.

The company is considering selling locations in Melbourne and Sydney, Cape Town-based Woolworths said in an e-mailed statement on Thursday.

Woolworths could raise almost $400 million from the sale, the Sydney Morning Herald said Wednesday, citing Chief Executive Officer Ian Moir.

An improved performance by David Jones helped offset slower growth in Woolworths’s home market in second-half results released last week. The seller of organic foods and clothing bought David Jones last year for about $2 billion to help create a southern-hemisphere retail giant.

David Jones has 38 stores total, according to its website.

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