Bunnings’ UK woes deepen with $1 billion writedown

 In Australia, Bunnings, International, NewZealand, Target
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…

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