Target hit with $680m impairment charge
Wesfarmers will be forced to swallow a $680-million impairment charge on its struggling merchandise and apparel group Target, wiping off nearly one-third of the retail chain’s goodwill.
In a trading update delivered on Wednesday, Wesfarmers also announced a $94 million provision for the restructure of Coles’ underperforming liquor retail business.
The Perth-based conglomerate said that it would recognise the impairment charge for Target for the 2014 full year. Target has been the problem child of the retail business bought by Wesfarmers in 2007 when it also picked up the Coles supermarket chain, Officeworks and Kmart. Sydney Morning Herald – Read more…
In a trading update delivered on Wednesday, Wesfarmers also announced a $94 million provision for the restructure of Coles’ underperforming liquor retail business.
The Perth-based conglomerate said that it would recognise the impairment charge for Target for the 2014 full year. Target has been the problem child of the retail business bought by Wesfarmers in 2007 when it also picked up the Coles supermarket chain, Officeworks and Kmart. Sydney Morning Herald – Read more…
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