Brazin acquires Brashs

Brazin acquires Brashs

An offer in the vicinity of $3.8 million has been made for a "significant part" of the troubled Brashs conglomerate, according to Brashs administrator, KPMG Peat Marwick.

KPMG expects an announcement from Brazin in the next week to confirm the deal.

In a statement to the Australian Stock Exchange, Brazin said it had concluded negotiations with KPMG to acquire 27 Brashs stores.

Brazin will assume all ongoing rental obligations for the 27 stores, subject to reductions in rental agreements with the individual landlords. Brashs' stock will be purchased at a discounted price and Brazin will retain all team members currently in the stores it will purchase.

Brazin has also announced it is finalising negotiations to acquire Blockbuster for $2 million. The acquisition includes the remaining two Blockbuster music stores in Pitt Street, Sydney and Chapel Street, Melbourne.

Brazin is an unlisted public company registered to an address in Milperra, southwest of Sydney.

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