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Investing.com -- Brait SE is planning to sell its UK apparel chain New Look within the next 12 months as part of its strategy to wind down its portfolio.
The South African investment holding company, which is backed by billionaire Christo Wiese, aims to repay debt and return cash to investors through this divestment.
Brait Chief Executive Officer Peter Hayward-Butt said in an interview with Bloomberg on Wednesday that talks with potential buyers of New Look are making progress. The retailer currently operates approximately 400 stores across the UK.
New Look is focusing on expanding its online sales while reducing its physical retail footprint.
"The digital platform along with some profitable stores is the package that we would like to sell," Hayward-Butt told Bloomberg.
The planned sale is part of Brait’s broader strategy to liquidate its investment holdings.
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