Woolworths announces it will close major online retailer at a cost of $100million

Woolworths will close online retail marketplace MyDeal at an estimated cost of $100million to improve the supermarket giant's profitability.

The marketplace, which offers a wide range of home and lifestyle products, was founded by entrepreneur Sean Senvirtne in 2011.

It was acquired by the Woolworths Group in September 2022.

Woolworths Group chief executive Amanda Bardwell said the decision to close MyDeal had been made following a strategic review into its profitability.

'MyDeal has brought marketplace expertise and leading technology to the Group's marketplace platform, Woolworths MarketPlus, enabling rapid GMV growth,' she said.

'However, given the intensely competitive environment and the superior economics of marketplaces integrated into retail brands, we have made the decision to close the MyDeal customer website.'

More to come.

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