Penfolds owner Treasury Wine Estates will sell its more affordable wine brands, including Wolf Blass, Lindeman’s, Yellowglen and Blossom Hill, as that segment suffers from an exodus of budget-strapped drinkers.

The company announced on Tuesday that as part of a structural review that it has been working on for six months, it will exit its commercial wine brands, which sell for around $10 a bottle. The ensuing $354 million impairment, related to goodwill and the labels’ carrying value, is equivalent to $290 million after tax.