Fashion retail group Noni B Limited (ASX: NBL) is banking on a major turnaround in the struggling Australia retail sector after it paid Specialty Fashion Group (ASX: SFH) $31 million for a portfolio of its loss making brands.
Noni B Group has agreed to acquire the assets and businesses of Millers, Katies, Crossroads, Autograph and Rivers from the struggling Specialty Fashion Group which will retain the profitable City Chic business which last year earned around $20 million.
Specialty Fashion Group will remain a listed company with City Chic as its major asset.
The five businesses bought by Noni B recorded earnings before interest tax depreciation and amortisation (EBITDA) losses of $6.2 million for t…
Read the full article at: https://www.businessnewsaus.com.au/articles/noni-b-snaps-up-five-loss-making-women-s-retail-brands.html