Tex Edwards: MonopolyWatch spokesperson on Woolworths slashing 70 percent of value from NZ supermarkets - Heather du Plessis-Allan Drive

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."

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