Warehouse agrees to sell financial services unit to SBS for $18M

Mon, 24 Jul 2017

By Sophie Boot July 24 (BusinessDesk) - Warehouse Group, known for its flagship 'red shed' discount department stores, is selling its financial services business to a subsidiary of SBS Bank for $18 million, although most of that will be offset by an impairment. The sale to SBS's Finance Now is expected to be completed within the next five weeks, Warehouse said, adding that the deal is expected to result in a non-cash impairment of software assets of approximately $16 million in its full-year results for 2017. The sale does not include Din...

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