Wholesaler, Metcash (ASX:MTS) has announced $352 million in asset impairments.
The impairments include $318 million of goodwill and other intangibles and $34 million of other assets in the supermarkets and convenience pillar.
The impairments come after Metcash revealed last week one of its largest independent grocery retailers, Drakes, planned to move to self-supply in South Australia
The company expects total supermarket sales to drop by 1.2 per cent and wholesale sales to decline by 3.6 per cent.
Shares in Metcash (ASX:MTS) are trading 2.36 per cent lower at $2.69