Woolworths writes down EziBuy by A$309M and puts it up for sale

Sun, 24 Jul 2016

By Paul McBeth July 25 (BusinessDesk) - Australian supermarket chain Woolworths has written off A$309 million from the value of its New Zealand clothing and homeware retailer EziBuy and wants to sell the business as part of an overhaul that will also see some local Countdown stores closed. Woolworths bought EziBuy for NZ$350 million in August 2013 from founders Peter and Gerard Gillespie and Australian private equity firm Catalyst Investment Managers, with a view to learning from the New Zealand firm's success in selling through differen...

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