MySale conducts strategic review
MySale Group is conducting a strategic review that could result in the sale of the business.
The review will look at a range of options including raising additional capital to support the ongoing restructuring and rationalisation of the group. Other options will include the sale of the business or certain parts, and the de-listing of the company’s shares on AIM. It will also include a formal sale process for the company.
MySale has already been working to rationalise the business and is implementing a variety of cost saving measures to improve its performance and balance sheet.
The online retail group and flash sale business has been facing difficult trading conditions in Australia, its largest market, primarily due to the market disruption caused by changes to GST regulation introduced in July last year.
As part of its ‘ANZ First’ strategy, the group is closing its UK and US operations and has sold of its UK website cocosa.co.uk to Brandalley.
MySale had around 780,000 active customers in the last 12 months in Australia, New Zealand and South East Asia.
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