SA: Casual Living group sold

AAP General News (Australia)
08-16-2007
SA: Casual Living group sold

ADELAIDE, Aug 16 AAP - The troubled Casual Living furniture retailing group has been
sold for an undisclosed amount, with most of the Adelaide staff expected to retain their
jobs.

The operating company, Damilock Ltd, was placed in voluntary administration in July
with cash-flow problems and debts of about $10 million.

Its problems arose after the Adelaide-based group's recent expansion into Sydney and Melbourne.

Administrator Martin Lewis said today Casual Living's four Adelaide stores and its
local distribution centre had been sold to an entity associated with the prominent Starrs
family, which also owns the Truscotts electrical retailing group.

"It is anticipated that settlement will occur within the next week," Mr Lewis said.

He said the majority of about 60 staff employed in Adelaide would be offered work with
the new group, while 20 or so staff employed interstate had lost their jobs.

Two Casual Living stores in Sydney and one in Melbourne also had been closed along
with the distribution centres in each city.

AAP tjd/jm/bwl

KEYWORD: CASUAL

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