Napoleon Perdis creditors have approved a $1.6 million proposal to save the business which will see its 28 stores remain open and more than 250 staff keep their jobs.
The cosmetics retailer, which fell into administration in January, will be purchased by KUBA investments, run by cross-border retail investor Livia Wang and her business partner Henry Lee.
Wang will undertake a restructuring of the business which will seek to stabilise Australian operations before looking at international opportunities for the business, including in China.
The eponymous chains founder Napoleon Perdis was not in attendance at the second meeting of creditors last night but will sign over his shares and remain involved in the business as a creative consulta…
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