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March 25, 2019, 4:16 p.m. EDT

United Kingdom : Majestic Wine ramps up investments in online Naked Wines business

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Mar 25, 2019 (Euclid Infotech Ltd via COMTEX) -- Majestic Wine PLC on Monday said it would sell assets, close stores and review its dividend as part of a wider plan to invest more and focus on its online Naked Wines business.

Shares of the company, one of Britain's best-known wine merchants, were expected to open down as much as 10 per cent, according to premarket indicators.

The company, which plans to rename itself Naked Wines Plc, said it expects to raise its investments in Naked by 6 million pounds(s$10.7)to about 26 million pounds in 2020.

Majestic, which bought Naked Wines in 2015, expects to take largely non-cash restructuring charges of up to 10 million pounds in 2019.

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