Shoppers Stop sellers have sold companies under the Crossword Bookstores to their full owners in the Pun-based franchisee Agarwal Business House for a gross business of Rs 41.62 crore, the company announced on August 31.
“Shoppers Stop has closed the sale of its 100% subsidiary stakeholder company, Crossword Bookstores Limited to M / s. Dinesh Gupta, Aakash Gupta and Family (Owners of Agarwal Business House), Pune, in terms of a shareholding agreement between Shoppers Stop and ABH signed on August 31, 2021, ”the company said.
“Under the agreement ABH will take over all goods and products. Any debts will be adjusted to the final consideration, ”he added.
At a company meeting on August 31, the board approved the transaction. Subject to the approval of the required permit, Shoppers Stop will liquidate 51 percent of the shares (expected to be completed within 15 days) and another 39 percent over the next 12 months.
Stoppers Delays are looking to get out of their non-infrastructure business that will enable them to expand their core business and strategic growth pillars – First Citizen, private labels, beauty and omnichannel business. The sale of Crossword Bookstores is in line with this strategy.
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Commenting on the sale, Venu Nair, CEO and Chief Executive Officer of the company said, “We are delighted to continue the business transformation we have been aiming to achieve since last March and selling the book business is an integral part of that strategy.
This represents another step in our continued promotion of StopPay buyers from a customer-focused merchant, so that we can deliver on the promises we make to our customers and shareholders. Most importantly, we sell Crossword Bookstores to our franchisee ABH, who has been in the business for more than two decades and is very fond of the book business.
We have high hopes that ABH will grow the book business and take it to the next level. I am very happy with this agreement, because we have won at Shoppers Stop and ABH. ”