Department store David Jones has seen its value wiped by $437 million.
Parent company Woolworths (South Africa) has written down its value for a second time since acquiring the business.
It confirmed an impairment charge of A$437.4 million due to poor performance, bringing total write-offs to A$1.15 billion.
Woolworths purchased David Jones in 2014 for $2.1 billion. The value has now shrunk to $965 million.
In July, it was reported David Jones had cut 120 jobs across its head office and stores to slash costs amid weak sales.