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.

“Departments & Stores has a strong foundation through its premium departments and the online outlet Man of a kind. I am confident that NK will be a great steward of Departments & Stores,” said Kristian Lustin, CEO of RNB Retail and Brands.

Departments & Stores has extensive operations in the Nordic region’s two leading department stores - NK in Stockholm and NK in Gothenburg, in addition to e-commerce through Man of a kind. The Departments & Stores business area conducts sales of fashion wear for women, men, and children as well as accessories, jewellery and cosmetics at the NK department stores. Man of a kind is an online e-commerce destination for exclusive men’s fashion and lifestyle that offers a curated fashion range in combination with inspiring shopping and service experience.