Woolworths plans to either sell or wind up its struggling home improvement business, which includes the Masters hardware chain, after sustaining heavy losses.

Chairman Gordon Cairns said the retailer’s recent review of the business indicated it would take many years for Masters to become profitable.

“We have determined we cannot continue to sustain ongoing losses from this business,” he said in a statement on Monday.

“We intend to pursue an orderly prospective sale or wind-up of the business.”

In a statement Woolworths said the sale would allow it to focus on its core business of food, liquor and general merchandise.

Masters Home Improvement, which has 63 stores across the country, and the Home hardware chain are operated through a joint venture with US-based hardware giant Lowe’s. Woolworths will acquire the 33% stake held by Lowe’s, which it says will allow it to control the exit strategy.