L.A. Group Limited
Share Code : LAR
ISIN Code : ZAE000028676
Tuesday 22 January 2002
The L.A. Group has sold 14 of its L.A. Jeans and Oxygen stores to Rage
Distribution, a Gauteng-based footwear and clothing retailer. The sale,
which is being settled in cash, is effective from February 1, 2002.
In announcing the deal today L.A. managing director Showkat Mukadam said
negotiations involving 13 more stores, including three or four possible
closures, were expected to be finalised by the end of February.
"We are retaining four key flagship stores - in Sandton City, the Cape
Town's Waterfront, Mitchells Plain and Athlone - as part of our brand-
building exercise this year," he said.
Mukadam said the retail chain traded "successfully" during the Christmas and
New Year period and stocks had been reduced to basic levels ahead of the
disposal of the stores.
"The group's trading generally during the second half is well in line with
our budget forecasts up to our year-end on February 28," he added.
"Our Skye branded-goods distributor is doing well and the outlook for new
contracts for our corporate clothing operations is very encouraging."
ends
Issued on behalf of the L.A. Group by MMi
For further information:
Showkat Mukadam - L.A. Group 021-683 1786
or
Jimmy Thomas - The MMi Group 021-671 1122
082 608 0012
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