By Rebecca Thurlow

SYDNEY--Australian retailer Woolworths Ltd. (WOW.AU) said it will sell or wind up its struggling home improvement business Masters.

"Our recent review of operating performance indicates it will take many years for Masters to become profitable. We have determined we cannot continue to sustain ongoing losses from this business," said Woolworths Chairman Gordon Cairns.

Woolworths' joint venture partner in the business, Lowe's Cos (LOW), plans to first sell its stake to Woolworths.

"This enables full ownership of the business by Woolworths in a shorter timeframe and gives us access to the widest range of exit options," Mr. Cairns said. "This important decision allows Woolworths to focus its energy and resources on strengthening and executing its plans in our other businesses."

-Write to Rebecca Thurlow at rebecca.thurlow@wsj.com

(END) Dow Jones Newswires

January 17, 2016 18:06 ET (23:06 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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