Brashs buyer imminent
- 26 March, 1998 13:52
Twelve Brashs stores will close from today until April 15 as part of the troubled retailer's administration process.
Final bids for the chain's sale are due by Friday, and administrators KPMG Pete Marwick expect 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 expects to make announcement on the outcome in the first week of April.
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 and moreover, interest in acquiring the stores has not been forthcoming," Maxstead said.
He confirmed the second meeting of creditors would take place in Melbourne on or about April 20.
The closed stores are: Brandon Park, Greensborough, Prahran, Morwell (in Vic), Blacktown, Bondi, Tuggerah, Albany, Wollongong (in NSW), Strathpine, Southport (in Qld) and Elizabeth (in SA).
Customers with outstanding laybys or requiring other information should call the Brashs Administration Number on (03) 9630 0505 or (03) 9630 0506.