David Jones: Retail in “recession”

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Via Domain:

The South African parent company of luxury department store David Jones has slashed the value of the beleaguered retailer on its books due to “unprecedented” economic pressures.

In a trading statement released on Thursday afternoon, Woolworths Holding Limited (WHL) recorded an impairment charge of $437.4 million for David Jones for the 2019 financial year.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.