Postie Plus plans to sell SchoolTex unit for $9 million to reduce debt, invest in core business

Thu, 05 Dec 2013

By Tina Morrison Dec. 5 (BusinessDesk) – Postie Plus Group, the worst performer on the New Zealand stock exchange this year, has agreed to sell its school uniform business SchoolTex for $9 million to reduce debt in an attempt to return the company to profitability. Postie Plus will seek agreement from shareholders for the sale at its annual meeting on Dec. 20, the Auckland-based company said in a statement. It didn’t disclose the proposed buyer which it said is a well-known New Zealand company. Shares in the clothing retailer have lost two t...

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