Monday, July 11, 2005
Littlewoods Sells High Street Stores
The £409m ABF (Primark) acquisition comprises 120 Littlewoods stores covering high street locations across the UK but excludes the homeshopping activities of Littlewoods.
ABF intends to retain some 40% of the current retail selling space of the store portfolio which it will convert to Primark. The remaining stores could be sold to other high street retailers.The total investment is expected to be some £375m after receipt of the net proceeds from stores sold to other retailers and the cost of the refurbishment and fitting out for Primark..Littlewoods will continue to trade for the period until March 2006 with the full backing of ABF.
NOTE Littlewoods catalogue is not part of the sales and will continue to trade as normal.
ABF intends to retain some 40% of the current retail selling space of the store portfolio which it will convert to Primark. The remaining stores could be sold to other high street retailers.The total investment is expected to be some £375m after receipt of the net proceeds from stores sold to other retailers and the cost of the refurbishment and fitting out for Primark..Littlewoods will continue to trade for the period until March 2006 with the full backing of ABF.
NOTE Littlewoods catalogue is not part of the sales and will continue to trade as normal.
