Brashs buyers circle
- 11 March, 1998 13:52
Brashs administrator KPMG has been swamped by offers to purchase the troubled business since it was placed into administration on February 7.
"We have received 70 genuine enquiries," said KPMG's Lindsay Maxsted.
He said a shortlist of prospective buyers would be finalised by March 10, following consultation with the Committee of Creditors. The Committee includes representatives of employees, landlords, major suppliers, including Deodeo Corporation, and unions.
"Those shortlisted as perspective buyers will undertake the usual due diligence procedures. We expect to make a decision regarding any sale by the end of March," Maxsted said.
He confirmed Brashs was trading satisfactorily since KPMG's appointment.
"Sales were ahead of budget during the first week and slightly below budget in the second week," he said. "Brashs stores remain open for business with the exception of the store located at Crown Casino."