RNB Retail to sell Departments & Stores to NK Retail

RNB Retail and Brands AB has finalised a deal to divest the assets of Departments & Stores to NK Retail AB. As part of the agreement, the company said in a statement, all Departments & Stores employees are offered employment with NK Retail. The deal is expected to close February 3, 2021, and is subject to final formal approval from certain bondholders. The company added that processes to find suitable solutions for the remaining subsidiaries Brothers and Polarn O. Pyret are ongoing.