Brief: City Chic Collective Divests Evans Business And Exiting EMEA Inventory

City Chic Collective

03/08/2023 07:32

Aug 3 (Reuters) - City Chic Collective Ltd  CCX.AX :
    * SALE OF EVANS AND EXITING EMEA
    * DIVESTED ITS EVANS BUSINESS AND EMEA INVENTORY
    * UNDER AGREEMENT, AK RETAIL HOLDINGS WILL PAY CITY CHIC A
TOTAL
CASH CONSIDERATION OF £8 MILLION
    * DIVESTED VIA AN ASSET SALE AND PURCHASE AGREEMENT
    * AGREED WITH ITS 3PL PROVIDER TO CLOSE ITS UK WAREHOUSE
WHICH
ALSO SUPPORTS ITS EUROPEAN OPERATIONS
    * ASSETS HELD FOR SALE AT END OF FY23 WILL INCUR AN
IMPAIRMENT OF
BETWEEN A$29M-A$31M

Source text for Eikon:  ID:nASX8zlXRz 
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 ((Reuters.Briefs@thomsonreuters.com;))