Foodworks halts Coles buy-ups as auditors warn of financial troubles

 In Australia, FoodWorks, NewZealand

INDEPENDENT supermarket group FoodWorks has halted its takeover of 45 Coles stores after auditors raised worries over whether FoodWorks is a going concern.

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The 745-strong chain agreed to buy the underperforming stores in August last year, using up to $46.875 million in finance supplied by Coles parent Wesfarmers, and has so far taken over 22 stores. Courier Mail – Read more…
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