David Jones’ value slashed by a third

South African retailer Woolworths Holdings has written down the value of its $2.1 billion investment in David Jones by a third, blaming the tough market and missteps for the department store’s waning fortunes.Woolworths said overnight that it was recognising a $712.5 million non-cash impairment charge against the carrying value of David Jones, which it bought in 2014.
A spokesman said a "vast majority" of the write-down relates to goodwill and brands, which in June 2017 Woolworths put at  $1.5 billion.
"Today’s write-down reflects tough and unprecedented trading conditions, a cyclical downturn and structural changes that have impacted performance across the Australian retail sector," Woolworths said. Sydney Morning Herald – Read more…