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Woolsworth, one of the biggest retailers in Australia, is being taken over by an American buyer, the Wall Street Journal reported on Thursday.
The Australian branch of Woolsby’s was taken over from a previous owner by a Chinese buyer in December, according to the newspaper.
Australian authorities have been investigating the potential takeover and have confirmed that they have seized a total of $30m in funds that were reportedly being used for the sale of the company.
However, according for the WSJ, it has yet to be confirmed that the Chinese buyer is Chinese, or whether the company’s Australian operation will continue to operate in Australia.
A spokesperson for Woolsbury confirmed to the WSJD that the Australian company is “currently being reviewed by the Australian Securities and Investments Commission and has been informed that it may be required to provide documentation in connection with the purchase of Woolworths assets.”
The WSJ reported that the sale was not confirmed as part of a Chinese government takeover of Wilsons Australian assets.
The WSJ also noted that Woolsys Australian operations have been shuttered since the acquisition.
At the time of the WSJB article, Woolswill was the fourth-largest wool mill in Australia and the largest in the world.
According to the Wall St Journal, the Australian Woolworths chain of retailers includes a range of brands such as Woolworth, Wollongong, Woolworth Group and Westfield.
“Woolswills brand name is synonymous with quality wool, quality products and a high level of customer satisfaction.
This is reflected in the fact that Wollongs customer satisfaction rating is higher than Woolworth’s, Westfield’s and WoolworthGroup’s,” a spokesperson for Woolworth told the WSJM in an email.
“In addition, Woolies customer service is highly regarded and a major part of the brand’s appeal.
Wools was recently named Australia’s Best Woolworth for the fifth consecutive year by the Woolworth Australia consumer satisfaction survey.”