Around 100 staff are employed at the store, which took 10 months to build and cost upwards of $25 million.

Woolworths Limited announced on Wednesday that Masters will cease trading at all stores by December 11.

Woolworths said it had agreed to three transactions to sell its home improvement business, Hydrox, to a collective bidder group of GA Australia, Metcash and Home Consortium.

Woolworths CEO Brad Banducci said exiting from home improvement had been a priority since his appointment to the position.

“The agreements provide certainty to our Masters team, suppliers and customers. It is the right resolution for our shareholders,” he said. 

GA Australia has provided an underwritten recovery for the value of the Masters inventory and has been appointed to manage the sale of the inventory over the coming months.

Mr Banducci has promised every effort will be taken to find jobs for Masters staff.

“We will work hard to find Masters employees jobs within the Group, or pay full redundancy where suitable roles are not available,” he said.

Home Consortium has plans to repurpose the Masters sites into multi-tenant, large format centres.

Woolworths said it will honour all customer gift cards, product warranties, returns and lay-bys and the completion of any contracted installation projects.