Company Comment
Truworths, like others, rues its foray abroad
And Vodacom tries the softly-softly approach to bringing mobile money back to SA
21 July 2020 - 19:07
Truworths’s second impairment of at least R346m for its UK shoe chain Office was almost missed in last week’s financial update. The retailer had hidden the news at the bottom of a trading update for the 52 weeks to end-June in typical corporate jargon.
What the statement also says is that Office, which Truworths bought for R5.5bn, is fighting for survival. By the financial year to end-July 2019, Truworths had already impaired about R1.9bn of its investment in the footwear retailer...
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