The Headline (HLD) Board of Directors are pleased to announce the sale of Skansen KCG’s Giftware business to ZooSkyMedia Pty. Ltd. The agreed sale price is $2.5 million, with $2 million coming upfront and $0.5 million paid based on business achieving budget revenue targets. The transfer date of the business will be September 1st.
As a result of HLD being clearly focused on the roll out of its Mothercare and ELC retail concepts, the BK and wholesale operations no longer form part of HLD’s core business. Since October when HLD acquired the controlling interest in Kids Central, HLD’s emphasis has been establishing the platform to take Mothercare in Australia to a national footprint. Hence the decision to exit the wholesale activities. The capital surrently employed in this division may be utilized to launch 4 new large format Mothercare stores.
http://www.traderdealer.com.au/Fundamentals/hld
Tags: Asset Sale, Headline Group, HLD, Retail
