• Simply Vera
    Simply Vera
Close×

Greenlit Brands has divested its general merchandise division to Allegro.

The brands included in this transaction are Best & Less, Harris Scarfe, Postie (NZ) and Debenhams Australia, which include 322 stores and over 6,100 employees.

The terms of the transaction will remain commercial in confidence.

Divestment of the GM division is in line with Greenlit Brands’ strategy of refocusing on its core household goods division.

This includes Fantastic Furniture, Freedom, Snooze, Plush, OMF, Unitrans and FutureSleep.

Following the transaction, Greenlit Brands will comprise a total of 319 retail stores with more than 3,800 employees across Australia and New Zealand.

Greenlit Brands CEO Michael Ford said the transaction was necessary.

“Disposal of the general merchandise business is a significant strategic initiative which will allow Greenlit Brands to concentrate on its core household goods brands and optimise their already-strong position in the Australian and New Zealand markets.”

“At the same time, the businesses will now join a group with a very strong track-record in building and enhancing businesses with a single-sector focus. We believe this will unlock new opportunities for all the people working within these brands. Our gratitude and best wishes go to everyone who has helped build the businesses to where they are today.”

Allegro Funds MD Fay Bou said there are bold plans ahead.

“The general merchandise business includes some iconic retail brands that have long-standing loyal customers and passionate staff that have supported the business serving generations of Australians and New Zealanders. We look forward to supporting a highly experienced management team to transform each of the brands.”

It is anticipated that completion of the transaction will occur at the beginning of December. Greenlit Brands will remain a wholly-owned subsidiary of Steinhoff International Holdings N.V..

comments powered by Disqus