RNB Retail and Brands AB divests Solo and Saks stores to Varnergruppen

Nordic Business Report, Jan 8, 2007

NORDIC BUSINESS REPORT-8 January 2007-RNB Retail and Brands AB divests Solo and Saks stores to Varnergruppen(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Swedish retail clothing group RNB Retail and Brands AB said on Monday (8 January) that it has agreed to sell its Solo and Saks retail operations to Norwegian group Varnergruppen.

The transaction, which is part of RNB Retail and Brands' strategy to streamline its operations following its acquisition of the JC chain in 2006, comprises 16 stores.

"After the acquisition of JC, a divestment of Solo and Saks is a natural step in streamlining operations. The sale provides us the possibility to focus fully on the stores added through the acquisition of JC, which we consider will benefit the continued development of RNB Retail and Brands," said Mikael Solberg, president and CEO of RNB Retail and Brands.

The sales price of SEK150m will result in a sales gain of approximately SEK110m.

RNB Retail and Brands, headquartered in Stockholm in Sweden, operates 439 proprietary and franchise stores in Sweden and abroad. RNB Retail and Brands is listed on the Nordic Exchange in Stockholm.

One British pound (GBP) is worth approximately 13.38 Swedish kronor (SEK).

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