Booze giant Constellation Brands warns of $2.5B writedown on weak wine demand

Booze giant Constellation Brands on Tuesday warned it could be forced to write down the value of its assets by as much as $2.5 billion this year because of weak wine demand as consumers pull back on non-essentials amid sticky inflation. The Rochester, NY-based company – which owns brands including Corona, Modelo, Robert Mondavi and Casa Noble – said the noncash goodwill impairment loss of between$1.5 billion and $2.5 billion would hurt its second quarter results. Constellation nearly halved its earnings ou ...