The company was operating under three state brands the most recognisable was the small retail brand of “Crazy Clarks” and the big box format “ Sam’s Warehouse”. Over 15% of the portfolio was loss-making a the commencement of the programme.
Over 6 months we consolidated operations in tow distribution centres in Brisbane and Melbourne, consolidated into 2 national brands, closed 150 stores and renegotiated the leases on a further 500 stores. The restructured group was sold back to its main shareholder for less than the value of its secured debt with networking capital funding through an inventory of $22m.
