Bunnings’ UK woes deepen with $1 billion writedown
Bunnings’ foray into the UK and Ireland has plunged deeper into strife, with parent company Wesfarmers writing down the value of its investment there by almost $1 billion.
The retail conglomerate flagged that losses from Bunnings UK and Ireland (BUKI) would blow out to $165 million in the first half and said the project’s boss had left the company.
Wesfarmers also booked a $306 million writedown at Target.
Wesfarmers bought British chain Homebase as a fixer-upper project for $705 million in 2016, and planned to spend up to a $1 billion re-branding and overhauling stores to the Bunnings brand and format. Sydney Morning Herald – Read more…
The retail conglomerate flagged that losses from Bunnings UK and Ireland (BUKI) would blow out to $165 million in the first half and said the project’s boss had left the company.
Wesfarmers also booked a $306 million writedown at Target.
Wesfarmers bought British chain Homebase as a fixer-upper project for $705 million in 2016, and planned to spend up to a $1 billion re-branding and overhauling stores to the Bunnings brand and format. Sydney Morning Herald – Read more…
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