Friday, August 1, 2014

It's been a bad two years for major shoe retailers Hannahs and Number One Shoes.

And the investment company behind the brands - Hellaby Holdings - is taking a hit because of it.

It's having to take a $26.9m impairment against its earnings to write off goodwill on the shoe stores.

The footwear downturn has contributed to a 21% drop in the company's first-half profit.

Hellaby shares have fallen 1.8% to $2.75, and overall they've declined 14% this year.

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