Due to the ongoing impact of the Covid-19 pandemic, David Jones parent Woolworths Holdings has declared asset impairments across its store fleet.
Woolworths Holdings has stated that trading conditions across their group has continued to suffer and sales at the Australian department store chain fell 19% in March. Although Woolworths Holidays haven’t specified which of its businesses have been the most heavily impacted, it is clear that David Jones will undergo an accelerated restructuring of its store network.
“Covid-19 had a significant impact on the performance of the group in the second half of the financial year, and it is expected to do so for at least the remainder of the calendar year given the fluid and challenging environment” Woolworths Holdings said in a recent statement.
