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...

More Retail

Country Road loses court battle over duties
Retail

Country Road loses court battle over duties

Country Road has been ordered to retroactively pay $2.5 million in duties and GST.

Foodstuffs alleges defamation over merger opinion piece
Retail

Foodstuffs alleges defamation over merger opinion piece

Chapman Tripp lawyers sent letters to the University of Auckland and Stuff.

Brave-faced craft chocolate industry finds strength in unity
Retail

Brave-faced craft chocolate industry finds strength in unity

More than 30 boutique chocolate companies raised the bar at Chocstock.

Gregor Thompson 01 Jul 2024
No further divestment plans for SkyCity after GiG sale
Retail

No further divestment plans for SkyCity after GiG sale

SkyCity has no further divestment plans after selling its GiG shareholdings.

Tom Raynel 26 Jun 2024