Woolworth’s is to be bought by Burger Kings, with the chain’s chief executive Mark King announcing a new brand.
Mr King said the decision would allow Woolworth to “do more with less” by expanding the business and focusing on “innovation and quality”.
The announcement comes as Woolworth stock is at a low point.
Mr Jones said the deal was a “once-in-a-lifetime opportunity” to “strengthen the brand, brand identity and brand growth”.
The move comes as Burger King, which has a strong brand portfolio, struggles to compete with the rapidly growing menu items on the supermarket shelves.
“We have the opportunity to do more with more with a new Burger King,” Mr King told shareholders on Tuesday.
“This is a brand that we’ve built up over a long period of time, it has a long history and it is going to be very exciting.”
The chain is already one of the largest fast food chains in the world.
Mr Kings announcement comes after the Woolworth Group agreed to sell its stake in Australia’s largest supermarket chain to a group of Australian investors.
It also comes just weeks after the supermarket chain announced it was moving its Australian operations to a new headquarters in Adelaide.
“It is a very exciting time for Woolworth, a very rewarding time for our shareholders and an exciting time to be in Australia,” Mr Jones told the ABC.
“As a result of the Woolies acquisition, we are able to accelerate our plan to expand our Australian business and to take the Woolier brand to more of a global audience.”
He said the Wooliers “biggest opportunity” would be to increase its global reach, but he said the plan was still “in the early stages”.
“It’s a lot of work,” Mr Kings said.
“What we’ve learnt about doing that is we have to build on the experience of our Australian stores, our global footprint and the brands we’ve acquired over the years.”
The Woolworth chain has already sold its majority stake in Australian supermarket chain Coles and its majority share in Australian grocery chain Woolworth and Co. to the group, which includes investors from the US and China.
Mr James said Woolworth would remain in the US but would also “continue to support our operations in the states of Victoria and Queensland”.
He said that the deal would also help boost the Woolie brand and would “help to expand the value proposition”.
“We believe it is a significant step forward for the Wooly brand,” he said.