More Woolies woes Down Under with David Jones write-down
Latest impairment means the department-store chain is now worth just 46% of what was paid for it
Woolworths has once again reduced the valuation of struggling Australian department-store chain David Jones, which has now more than halved in value in the five years since it was acquired.
Woolworths bought David Jones for A$2.1bn (more than R20bn) in 2014 as part of CEO Ian Moir’s plans to create “a leading southern hemisphere retailer”.
However, with more people shopping online, department stores globally have been struggling, and David Jones is not immune. This has heaped increasing pressure on Moir and prompted Woolworths to impair David Jones by A$712.5m in early 2018, alongside a raft of executive changes in Australia...