Sydney

WOOLWORTHS Ltd, Australia's top grocer, on Monday said it will book costs of up to A$1 billion (S$1 billion), close stores, axe 500 jobs and consider selling online retailer Ezibuy in a restructuring aimed at regaining its competitive edge.

The overhaul comes after Woolworths posted its first loss in 23 years in February amid increasing competition from foreign entrants including German discount chain Aldi.