date:Jun 25, 2014
According to the Sydney Morning Herald, the troubled producer of Penfolds and Wolf Blass is wiping the amount (8% of its assets) from its 2014 full year fiscal profit following a slowdown of global commercial sales and overpayments for previous acquisitions.
New chief executive, Michael Clark, has said that 2015 is to be a reset year for the company and the write-off is coming hand-in-hand with a restructuring of the entire business model, including cutting 5% of its workforce and changing the