RNB to retain operations at NK
(Thomson Reuters ONE) -
RNB RETAIL AND BRANDS has decided to retain and continue to operate its
departments at NK in Stockholm and NK in Gothenburg.
The company communicated in March 2009 a declaration of intent to sell the NK
operations In Stockholm and Gothenburg to Åhléns AB. Åhléns subsequently decided
on December 1, 2009 to refrain from completing the acquisition because of the
Swedish Competition Authority's time-consuming process to approve the
transaction. RNB announced then that there were three possible scenarios that
would be evaluated: parceling the NK operations and selling them in parts,
selling the entire operation to another player or retaining the operation.
The rationale underlying RNB's decision to retain the NK operations is as
follows. The company's situation has improved, as has the climate in the market
and the financial community. The implementation of two new share issues during
September 2009 - a private placement and a rights issue, totaling about SEK 305
million after issue expenses - has strengthened the company's financial
position. In addition, the company has now received an offer of financing from
Konsumentföreningen Stockholm, in the form of a loan commitment pertaining to a
three-year loan of SEK 400 million, with other conditions that are commercially
competitive. In total, this means that RNB will have a sustainably robust
financial position that will enable it to focus time and resources on NK and on
its other core operations - Polarn O. Pyret, JC and Brothers & Sisters.
"I am pleased that we have now reached an long-term financial agreement that
enables RNB to retain its operations at NK in Stockholm and NK in Gothenburg. I
firmly believe that this will enable us to create a stronger RNB," says Mikael
Solberg.
For further information, please contact:
Mikael Solberg, CEO RNB RETAIL AND BRANDS +46 (08-410 520 20, +46 (0)768-87
20 20, email: mikael.solberg(at)rnb.se
Cecilia Lannebo, IR RNB RETAIL AND BRANDS +46 (0)8-410?520 45, +46 (0)768-87
20 45, e-mail: cecilia.lannebo(at)rnb.se
RNB RETAIL AND BRANDS AB owns, operates and develops fashion, clothing,
accessories, jewelry and cosmetics stores that focus on providing excellent
service and an extraordinary shopping experience. Sales are mainly conducted in
Scandinavia through the three store concepts Brothers & Sisters, JC and Polarn
O. Pyret, as well as through shops in the department stores NK in Stockholm and
Gothenburg, Steen & Ström in Oslo and Illum in Copenhagen. RNB RETAIL AND BRANDS
has operations in 11 countries. The RNB RETAIL AND BRANDS share has been listed
on the Nasdaq OMX Nordic Exchange since 2001.
[HUG#1377656]
NK March 2010: http://hugin.info/132993/R/1377656/351019.pdf
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Datum: 16.03.2010 - 03:01 Uhr
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News-ID 1011434
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