Australia’s Woolworths unveils major restructure

SYDNEY, July 25 Woolworths Ltd will
book restructuring costs of up to A$1 billion ($746 million) as
part of a restructuring that will axe 500 jobs and slow
supermarket store rollouts, while considering the sale of online
retailer Ezibuy, the Australian grocer and department store
company said on Monday.

The overhaul at Woolworths comes amid increasing competition
from foreign entrants, including German discount chain Aldi
.

Woolworths Chief Executive Officer Brad Banducci, who took
the top role in February, said earnings before interest and tax
from continuing operations, before significant items, would be
between A$2.55 billion and A$2.57 billion in 2016.


($1 = 1.3394 Australian dollars)

(Reporting by Jane Wardell; Editing by Lisa Von Ahn)

Source: Reuters

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