Swedish fashion operator RNB Retail and Brands is to sell its Departments & Stores Europe AB subsidiary for SEK440m (US$53m).

The buyer is Åhléns AB, a subsidiary of Axel Johnson AB, which indirectly owns more than 10% of the shares in RNB.

Departments & Stores Europe AB has department store operations at the NK Stockholm and NK Gothenburg department stores.

The divestment depends on approval from the Swedish Competition Authority (Sw. Konkurrensverket).

RNB has two business areas - the Polarn O. Pyret children's wear brand and a distribution platform for national and international brands.

Its distribution platform consists of two main areas, department store operations via stores in the NK, Steen & Ström, Illum and Kosta chains and the JC and Brothers & Sisters store concepts.