Treasury Wine Estates will write at least $687 million off the value of its North American business, including the high-profile 19 Crimes label, just one month after the arrival of new chief executive Sam Fischer.
The company said the writedown included all the division’s goodwill and could potentially be larger once its half-year accounts were finalised. The Americas division is one of three operated by Treasury Wine and includes the sales of brands from the United States and those imported from its vineyards in Australia, New Zealand and Italy and sold there.
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