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January 24, 2002

SOUTH AFRICA: LA Group Announces Stores Deal

South African-based fashion firm the LA Group announced on Thursday it has agreed to sell 14 of its LA Jeans and Oxygen stores to Rage Distribution, a Gauteng-based footwear and clothing retailer. In a statement, the company said the sale would be in cash and take effect from February 1, 2002, and follows a "successful" Christmas and New Year trading period, with stocks reduced to basic levels ahead of the deal.

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