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Brashs buyer to be revealed

Brashs buyer to be revealed

The administrator for Brashs, KPMG, is expected to announce a buyer for the troubled retailer this week.

Twelve Brashs stores closed last Thursday until April 15 as part of the administration process.

Final bids for the chain's sale were due last Friday, and administrator KPMG Peat Marwick expects "a positive outcome in terms of selling the majority of Brashs' business in the coming weeks", a statement said.

KPMG partner Lindsay Maxstead said he would negotiate with a short list of buyers and he expects to make an announcement on the outcome sometime this week.

Maxstead said the store closures were an outcome of the sale process, given that none of the expressions of interest received encompassed those stores.

"It is an unfortunate fact of life that some of the 105 Brashs stores haven't been performing. Moreover, interest in acquiring the stores has not been forthcoming," Maxstead said.

He confirmed the second meeting of creditors would take place in Melbourne about April 20.

The closed stores are: Brandon Park, Greens- borough, Prahran, Morwell, Blacktown, Bondi Junction, Tuggerah, Albany, Wollongong, Strathpine, Southport and Elizabeth.

Customers with outstanding laybys or requiring other information should call the Brashs administration number below.

Tel (03) 9630 0505

Fax (03) 9630 0500


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