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Steinhoff Announces Sale Of Greenlit Brands General Merchandise Unit

Greenlit Brands Pty Limited, a wholly-owned Australasian subsidiary of Steinhoff International Holdings N.V., has reached an agreement to divest its General Merchandise division to Allegro Funds. Greenlit Brands will remain a wholly-owned subsidiary
of Steinhoff. The divestment is in line with Greenlit Brands' strategy of refocusing on its core Household Goods division.

The GM brands included in the divestment are Best & Less, Harris Scarfe, Postie (NZ) and Debenhams Australia, which include 322 stores and over 6,100 employees.

Following the deal, Greenlit Brands will comprise a total of 319 retail stores with more than 3,800 employees across Australia and New Zealand.

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