AUSTRALIA: Brazin’s UK Footwear, Surfwear Plans On Hold
The Australian-based music and lingerie retailer has sold its 118 music stores for $12 million to a London investment company Primemist, but the conditions of the sale meant Brazin has had also to hand over the leaseholds for all of its stores.
Chief executive and founder of Brazin, Brett Blundy, said the directors would discuss the future of the pilot footwear and surf-wear stores at a board meeting next Monday.
The company is likely to reinvest the $10 million made from the sale of the music business into high-growth, high-margin retail sectors.
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