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Apparel retailer Colorado Group to be born again as Fusion
21
Sep '11
Australia-based apparel retailer Colorado Group, which had run into administration six-months back, will be born again as Fusion Retail Brands (FRB).

The new retailing group FRB would be launched by administrator Ferrier Hodgson. Initially, the company will have 282 outlets and employ over 2,200 people. With an Australia-wide presence, FRB will secure the future of flagship Australian brands JAG, Diana Ferrari, Mathers and Williams.

Major creditors of the Colorado Group, including Anchorage Capital Partners, Nomura, National Australia Bank (NAB) and Ice Canyon, will own FRB.

Over the next four years, FRB will be investing AUD 40 million in capital expenditure and AUD 30 million in marketing. It plans to open six new stores each year and for the current financial year it is estimating AUD 23.4 million in earnings before interest, tax, depreciation and amortization from sales worth AUD 275.7 million.

The newly christened company will be headed by former Colorado chief Kevin Roberts.

In March this year, Colorado went into administration with debts of AUD 400 million.

Fibre2fashion News Desk - India

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