Woolworths shareholders, who have seen their investment in the retailer more than halve in just under four years, will have to forsake some of their dividends as part of the company’s plan to slash debt at its Australian operations.

SA’s biggest general retailer, with a market capitalisation of R56.5bn, plans to reduce debt there by more than 50% as the high-end retailer eyes a turnaround of its struggling David Jones chain...

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