RNB RNB Retail and Brands AB has today agreed to sell Brothers to Jotunfjell Partners for SEK 10 million in purchase price.
RNB Retail and Brands AB has previously informed about the process for creating independent subsidiaries in the Group and finally selling the subsidiaries to stable and suitable owners. After divesting the operations in Departments & Stores and the companies within Polarn O. Pyret earlier in 2021, an agreement has now been entered into to divest Brothers to Jotunfjell Partners AS. The purchase price amounts to SEK 10 million in cash.
The transaction is subject to approval by RNB Retail and Brand AB's bondholders, that the bondholders convert part of their claim to newly issued shares in RNB Retail and Brands AB and that the remaining part of the bond is contributed as a shareholder contribution to RNB Retail and Brands AB, and that an Extraordinary General Meeting of RNB Retail and Brands partly decides on the above issue and partly approves the sale of Brothers.
“Brothers has undergone major changes over the past 18 months that have made the company ready to increase its sales and profitability, as they have shown over the past six months. It now feels safe to hand over Brothers to Jotunfjell, which has a genuine focus on retail. I have full confidence that they will continue to develop Brothers into a successful men's fashion chain, ”says Kristian Lustin, CEO of RNB Retail and Brands.