Merchant Retail has sold all Joplings departments stores in a move to complete its exit from department store retailing. The decision to exit the department store business in order to focus on its more profitable Perfume Store chain was taken last year. The group also operates the de Gruchy Department Store in Jersey.
The group sold department stores in Sunderland and Hexham to Liverpool-based Owen Owen. The closed Woodwards department store in Leamington Spa was sold to a property developer, while Tesco acquired the Tynedale Park retail development for £17m.
Merchant Retail said that receipts from the sale of all four stores in its Joplings division total £29.3m before costs. The Group has retained the £4.3m loan book of JFS, Joplings store card business, which will continue to operate until at least September 1. Merchant Retail has been developing plans to take the Perfume Shop format into Australia, with the the first store openings expected this
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