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Hallenstein Glasson offloads Storm business

GlassonsHallenstein Glasson has announced that it has entered into an unconditional agreement to sell its struggling Storm business assets to private equity firm Blackstar Holdings.

Blackstar is associated with the current CEO of the Storm business, Deborah Caldwell.

The settlement, scheduled for 30 April, will see the Storm business cease trading under the ownership of subsidiary Retail 161 Limited and begin trading under Blackstar.

In a short statement on the transaction Hallenstein, which did not disclose how much it is selling the business for, said the Storm business is no longer considered a strategic core asset.

“[The group] is focusing its efforts on expanding its other two much larger fashion brands, namely Glassons and Hellenstein Brothers in both the New Zealand and Australian markets,” chief executive Mark Goddard said.

Hallenstein did say that the value of the transaction is “not material” in terms of the assets or profit of the group.

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