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Pantaloon to combine home business
25 February 2010: Pantaloon Retail (India) is planning to merge the consumer durable, home furnishing and furniture business of its subsidiary Home Solutions Retail (India) (HSRIL) with itself.
The consolidation will involve demerger of consumer durable, home furnishing, home improvement, and furniture business from HSRIL into the company. Pantaloon Retail holds 66.86 per cent stake in HSRIL that operates six formats — Home Town, Furniture Bazaar, Electronic Bazaar, Home Bazaar, eZone and Collection i.
Of the six formats, the company is consolidating five divisions, except Collection i into itself. Collection i has very few furniture and furnishings stores in select cities and will continue to be under HSRIL. It is currently contributing only 4 per cent to HSRIL’s revenues. Pantaloon said in a filing to the Bombay Stock Exchange on Wednesday that the scheme of arrangement was subject to approval from the shareholders, court and other authorities.
Pantaloon will also acquire the sports retail business from its wholly owned subsidiary, Winner Sports that operates Planet Sports chain apart from licencee stores for brands such as Converse, Adidas and Puma.
Source: DNA