Supermarket chain operator, Woolworths, has sold New Zealand online retailer Ezibuy to Sydney-based investment and advisory company Alceon Group.

After a comprehensive sales process, Woolworths has sold the online clothing and homeware retailer for an undisclosed amount just four years after buying it for $350 million.

Alceon Group is a Sydney-based investment firm with extensive experience and operations in the retail sector.

The supermarket giant made the announcement to sell Ezibuy July last year as part of its restructuring where it also announced the closing of six Countdown supermarkets before the end of their lease terms. The restructuring has slashed 500 jobs and incurred a charge of $959 million in its full year results.

Brad Banducci, Woolworths CEO, earlier said the company has written off A$309 million (NZ$329.6 million) from the value of EziBuy and announced it had split EziBuy from its Big W business because “expected synergies between these two had not been realised and in many cases, have resulted in dis-synergies for both businesses”.

The EziBuy business has a head office located in Auckland and a distribution and call centre in Palmerston North.