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1.Market Observations, 8.Was Sticky

2 Aug 2019 (AFR) – Retail recession causes $437m write-down of David Jones

(2 August 2019, AFR, p21, Tim Boyd, Reporter)

‘The local retail market is in recession according to South African-based retailer Woolworths Holdings, which said it was forced to write down the value of upmarket department store David Jones by $437 million as a result. Woolworths announced the write-down to the Johannesburg stock exchange on Thursday afternoon AEST, which reduced its valuation of David Jones to $965 million. It bought the 181-year-old store for $2.1 billion in 2014.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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