Alshaya Buys Lion Capital's La Senza Out Of Administration
January 09 2012 - 1:27PM
Dow Jones News
Retail franchise operator Alshaya said Monday said it had agreed
to buy lingerie chain La Senza out of administration, the second
U.K. retailer to be rescued in a day.
Alyshaya's deal with KPMG, La Senza's administrator, involves
the exclusive franchise rights for the La Senza brand in the U.K.
and 60 stores and secures around 1,100 jobs.
Financial details of the transaction weren't disclosed but was
part of Alshaya's plans to invest around GBP100 million in the U.K.
retail sector over the next two years.
"We are delighted to have reached agreement to buy these La
Senza stores--saving jobs, protecting a great brand for consumers
and strengthening our UK presence and links," said Mohammed
Alshaya, executive chairman of Alshaya Group in Kuwait, where the
company was founded.
"This is a strategic investment for us and a positive addition
to our extensive international retail portfolio. Today's
announcement represents a first step in a long-term commitment to
developing the La Senza U.K. business, which we believe has great
potential," he added.
Alshaya operates more than 55 international brands in 19
countries, employing over 22,000 people in its 2,000 plus stores.
It already works with the owner of La Senza brand in the U.S.,
Limited Brands Inc. (LTD).
La Senza in the U.K. was owned by Lion Capital which initially
invested in the lingerie retailer in 2006.
Earlier Monday sports chain JD Sports Fashion PLC (JD.LN) said
it had bought ailing outdoor-clothing specialist Blacks Leisure
Group PLC (BSLA.LN) via a prepack administration handled by
KPMG.
-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241;
marietta.cauchi@dowjones.com
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