It was established as a way for Woolworths to enter the hardware retail market, which has been historically dominated by Bunnings, owned by their competitor Wesfarmers.

A key reason for the failure was the lack of product localisation to the Australian market from company leadership, with product schedules based upon the United States Northern Hemisphere seasons, which do not align with Australia's opposite Southern Hemisphere seasons.

Buzzers were scattered around the store, which, when pressed, will send a nearby staff member to that location to help out a customer.

[13] To facilitate the sale or wind-up, Woolworths would buy back a one-third interest in the joint venture held by the Lowe's subsidiary WDR Delaware Corporation.

[14] Following an eight month review process in which offers for the business were considered, it was officially announced on 24 August 2016[15] that all Masters stores would cease trading either on or before 11 December 2016; GA Australia was appointed to manage the sale of inventory, providing an underwritten recovery to deliver gross proceeds of approximately $500 million.

[16] At the time of closure there were a total of 63 stores in operation across all mainland states plus the Australian Capital Territory.

Store locations were: ACT: Canberra Airport NSW: Albion Park, Bathurst, Chullora, Coffs Harbour, Gregory Hills, Heatherbrae, Hoxton Park, Lismore, Marsden Park, Northmead, Penrith, Rouse Hill, Rutherford, St Marys, Taree, Wagga Wagga and West Gosford Qld: Bundall, Bundamba, Cairns, Everton Park, Mackay, Morayfield, Nerang, North Lakes, Parkinson, Richlands, Robina, Rockhampton, Springfield, Tingalpa, Toowoomba and Upper Coomera SA: Adelaide Airport and Mount Gambier Vic: Ballarat, Box Hill, Braybrook, Burnside, Carrum Downs, Cranbourne, Dandenong, Hawthorn East, Keysborough, Knoxfield, Mornington, Northland, Oakleigh South, Pakenham, Roxburgh, South Morang, Sunbury and Williams Landing WA: Baldivis, Bayswater, Brighton, Bibra Lake, Ellenbrook, Forrestdale, Joondalup, Landsdale and Mandurah There were an additional 21 development sites across Australia where a Masters store was planned for opening.