In an announcement to the ASX, Woolworths estimates the cost of closing the online business will be between $90m and $100m including payments for outstanding equity and staff redundancies.
This ends the online marketplace after more than a decade in business, having started back in 2011 before being acquired by Woolworths in September 2022.
Woolworths Group chief executive Amanda Bardwell said Friday鈥檚 announcement followed a strategic review into MyDeal鈥檚 profitability.
鈥淢yDeal has brought marketplace expertise and leading technology to the Group鈥檚
marketplace platform, Woolworths MarketPlus, enabling rapid GMV growth,鈥 she said.
鈥淗owever, 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.鈥
Ms Bardwell said MyDeal鈥檚 closure, once completed, would lead to a meaningful reduction in Woolworths MarketPlus operating losses.
Woolworths closing MyDeal follows rival Wesfarmers announcing the closure of its online retailer Catch at the start of the year.
Catch was shut down amid spiralling losses as it faced growing competition from sites such as Temu and Shein.
The company鈥檚 last day of trading was April 30, 2025.