Woolworths cannot confirm whether the Bendigo store will be one of up to 100 closed across the country in the lead-up to its sale of Dick Smith.

Yesterday Woolworths announced that Dick Smith would be sold in a company restructure, with several unsolicited approaches from buyers already.

In a statement to the stock exchange, Woolworths said a strategic review, announced in November 2011, concluded the future of Dick Smith could be “better realised through new ownership”.

Woolworths chief executive officer Grant O’Brien said Dick Smith was an iconic specialty consumer electronics brand but no longer had a place with Woolworths.

“We believe that separating this speciality model from Woolworths is now the best option for the future of both businesses,” he said.

“Business will continue as usual for Dick Smith, its customers, suppliers and staff, building on the strong Christmas sales period.”

Mr O’Brien said consumer electronics was an important category for Woolworths’ customers and the company intended to continue its growth in this area through BIG W.

“A divestment of Dick Smith will enable the Woolworths group to focus more investment on serving customers in its core business with a strong multi-channel offer, backed with market leading fulfilment systems and an effective store network,” he said.

As part of preparing the brand for sale, a number of “business improvement initiatives” will be implemented, including the closure of up to 100 under- performing stores within the next two years.

Mr O’Brien said affected staff would be offered redeployment elsewhere in the Woolworths group.

When asked if Woolworths had decided which of its Dick Smith stores would be closed, a spokeswoman said she had no further information.