Greenlit Brands eyeing buyers for Best & Less
The AFR reported that department stores are in the dog house world-wide but that hasn't stopped Greenlit Brands (formerly known as Steinhoff Asia Pacific) from sniffing out potential buyers for its general merchandise businesses, which include Harris Scarfe and Best & Less. As reported last month, Greenlit Brands, which also owns furniture chains Fantastic Furniture, Freedom, Plush and Snooze, is considering selling non-retail assets and using the proceeds to reduce debt while separating from its troubled overseas parent, Steinhoff International. It now seems that Greenlit may also be willing to part with key retail assets to make a more meaningful dent in its $500 million debt pile. Furniture and household goods are out of favour at the moment as the housing market declines. But Greenlit seems to be taking the view that the housing market will eventually recover whereas the department store sector is likely to remain under pressure for the foreseeable future.