Woolworths slashes 70% from NZ supermarkets' value

Woolworths slashes 70% from NZ supermarkets' value
Tainted: Woolworths is axing the Countdown brand (Image: NZME)
Pattrick Smellie
Woolworths is slashing the value of its New Zealand supermarkets by $1.6 billion to $700 million, blaming a “weaker medium-term outlook”, higher interest rates and a lag time for new initiatives to bear fruit.The non-cash impairment follows the first review of the goodwill on the parent company’s balance sheet since Woolworths bought the supermarkets owned by Progressive Enterprises in 2005.With the NZ assets currently carried in Woolworths books at $2.3b, the writedown amounts to a 69.56% reduction in value.In a statement to...

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