Investor takes swipe at Woolies management

Woolworths is facing mounting pressure for radical change after Baugur, its largest shareholder, on Tuesday for the first time openly criticised the troubled retailer’s management.
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According to the FT Jón Ásgeir Jóhannesson, chief executive of the Icelandic investment firm, said that the group should stop spending money on ailing stores and said its management, led by chief executive Trevor Bish-Jones, should “get their act together”.

Woolworths’ retail division last month reported a full-year loss as price deflation and competition took their toll. The shares closed down ¼p at 30p on Tuesday – just ½p off their lowest level in four years.

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