Furniture and electronics retailer Smiths City has entered an agreement to be sold for 60 million dollars to Polar Capital
Furniture and electronics retailer Smiths City has entered an agreement to be sold for 60 million dollars to Polar Capital
18 May 2020
In a market update, the NZX-listed company says both its retail and finance operations will be sold to the investment company.
As part of the acquisition, seven of Smiths City 29 stores will close, following a strategic review.
The company says Polar Capital plans to retain 75 per cent of the existing 465 staff.
The takeover deal is conditional on Polar Capital securing finance ... and an agreement is expected to be settled this Friday.
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