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