Fashion and discount variety retailer Miller's Retail Ltd today agreed a deal with shareholders to hand over $A29.2m ($US15.08m) worth of shares for acquisitions.

Of this amount, $A20.4m ($US10.54m) is being put towards the purchase of women's clothing chain Katies Fashions Pty Ltd from Coles Myer Ltd. This transaction was agreed by the two companies last November.

Miller's is taking on all Katies and "1626" stores in Australia and New Zealand.

Managing director Ian Miller confirmed the company is on track with its targets to rescue the ailing clothing retailer and hinted that it is ready to take advantage of further acquisitions.

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