ABC reports the retailer has announced that 30 stores will close, including 17 supermarkets in Australia, six supermarkets in New Zealand, four Woolworths metro stores and three hotels.
These stores are all expected to shut before the end of the current financial year.
Woolworths also said that it has "identified five Big W stores that are likely to close in the next three years based on current trading performance".
A further 34 stores across its broad portfolio are rated as underperforming and where Woolworths said there is "currently significant uncertainty around whether we would renew the lease at the end of the lease term".
This includes 15 supermarkets in Australia and five metro stores.
Woolworths is also writing down the value of store assets at another 18 Big W stores, in part due to "onerous lease obligations".
The supermarket giant also plans to close its Hume Distribution Centre in Victoria in the 2019 financial year.
A further 1,000 workers will be moved from head office directly into the company's business units.
Woolworths chief executive Brad Banducci said the company had to make some tough decisions.
"We are confident we are putting in place solid foundations for the future and early results give us confidence we are on the right track," he said in a statement.
"This will be a three to five-year journey and we are determined to drive sustainable improvements."