May 21, 2020 / 10:38 PM / 10 days ago

Wesfarmers to recognize up to $315 mln impairment in Kmart Group for 2020

May 22 (Reuters) - Australia’s Wesfarmers Ltd on Friday said it expects to recognize a non-cash impairment charge in Kmart Group, its low-priced retail chain, of about A$430 million-A$480 million ($282.38 million-$315.22 million) before tax for 2020.

The company added it further sees restructuring costs and provisions in the group of about A$120 million-A$170 million before tax, as part of a previously announced restructuring that will see store closures, inventory write-offs and a restructure of the Target store support office. ($1 = 1.5228 Australian dollars) (Reporting by Shruti Sonal in Bengaluru Editing by Chris Reese)

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