Woolworths is slashing the value of its New Zealand supermarkets by $2.3 billion to $700 million in a 70 percent decrease.

The company blames a 'weaker medium-term outlook' and higher interest rates for this decision.

MonopolyWatch spokesperson Tex Edwards says this announcement is a PR stunt to push back against a wave of inquiries.

"You publish bad news before the Commerce Commission and the board members and the lobbyists start to come down."

LISTEN ABOVE

Woolworths is slashing the value of its New Zealand supermarkets by $2.3 billion to $700 million in a 70 percent decrease.
The company blames a 'weaker medium-term outlook' and higher interest rates for this decision.
MonopolyWatch spokesperson Tex Edwards says this announcement is a PR stunt to push back against a wave of inquiries.
"You publish bad news before the Commerce Commission and the board members and the lobbyists start to come down."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.