he JSE-listed L.A. Group has completed the disposal of its retail division
with the announcement that five remaining stores - in Sandton, Eastgate,
Cape Town's Waterfront, Mitchells Plain and Athlone - have been purchased
for approximately R3-million by a consortium of store management led by L.A.
Group director Mrs Fuzlyn Peer, Mymoena Abader, Winnie Augustus,
Charalambous and Juli-Ann Cottle.
The agreement provides for these stores to showcase AL Jean brand products,
which it is proposed to distribute through the wholesale division to other
retail
stockists.
Eleven of the stores in the division were acquired by Gauteng clothing and
footwear chain Rage Distribution, six were purchased by individuals under a
management/supplier arrangement and the rest were closed.
Said group managing director Showkat Mukadam: "In disposing of our retail
interests we can now place greater focus on our core operation of wholesale
branded goods distribution and corporate clothing as well as our growing
exports division."
ends
Issued by MMi
on behalf of L.A. Group
For further information:
Showkat Mukadam (LAG) 083 261 6745
Jimmy Thomas (MMi) 082 608 0012
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