UK Sanity Entertainment stores on the market
Brazin seeks buyer for former Our Price stores
July 18 2003
Australian retailer Brazin has confirmed that it is putting its UK music stores on the market.
The company said it would be appointing advisers to oversee the sale of the 110-plus store Sanity Entertaiment UK chain, which was formed when Brazin took over the remains of the former Our Price music chain from Virgin.
The stores have been rebranded with the Sanity fascia, Brazin’s flasghip Australian music chain, and also includes a second package of former Virgin stores acquired last year. Brazin is also closing 17 Sanity stores in Australia, as well as putting plans to develop its lingerie retail business in the UK on hold.
The sale marks a sharp change of policy for Brazin, which has seen its share price hit by an internal wrangle after founder and chief executive Brett Blundy launched, and then withdrew, an offer to take the company private.
Until now, the UK music stores have been held up as a strong avenue for growth of the business. However, Brazin has conceded it would need to at least double its share of the already-crowded UK market to be competitive.
Brazin is moving into the surfwear retail market in Australia, and hope to launch the offer in the UK next year. It also plans to launch
a ‘street footwear’ retail offer in the UK.
