July 25 (Reuters) - Woolworths Ltd WOW.AX :
* Update on operating model review WOW.AX
* Group review leads to restructuring costs of $959 million or $766 million after tax to be recognised in our financial year 2016 results
* 1,000 team members moved from group office into businesses"
* Decisive action taken on general merchandise with restructuring costs of $460 million, including a $309 million impairment of ezibuy
* Says "further 500 roles to be permanently removed from support office and supply chain"
* Says big w and ezibuy separation completed
* New Australian supermarkets rollout slowed significantly and provision taken to close underperforming or unprofitable stores" *"FY 2016 EBIT from continuing operations before significant items of $2,550 -$2,570 million"
* Ezibuy business has been fully separated from the big w business
* We are closing our hume distribution centre in Victoria in FY 2019
* big w is expected to report a loss of $12 - 17 mln and ezibuy is expected to report a loss of $13-18 mln before significant items for fy16
* Source text for Eikon ID:nASXY1njj