FAS approves Jamilco’s petition to acquire Mothercare franchisees
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The Federal Monopoly Service (FAS) approved the application of Jamilko, a clothing and footwear distributor, to acquire 99.99% of the ex-franchisee of the Mothercare chain, Moneks Trading LLC. This is stated in the message of the antimonopoly service in Telegram. At the same time, the company may be held liable for the fact that it entered into a deal agreement before it received a petition from the FAS.
“Jamilco” filed petition to the FAS on November 16, and the deal to buy Mothercare was concluded November 23rd. Jamilco’s plans to buy out the franchisee became known in November. The companies will take over the leasehold rights to stores and unsold merchandise. Losford Trading Ltd, affiliated with Jamilco, received 0.01% of Monex Trading. According to the SPARK database, Mothercare brand stores may change their name to Motherbear.
Mothercare, a chain of children’s goods stores, left the Russian market in March due to the start of a military operation in Ukraine. The store’s master franchise was owned by the Kuwaiti company Alshaya Group. In the spring, 120 Mothercare stores were closed, as well as online sales. Russia accounted for about 20–25% of the retailer’s retail sales.
Read more about the deal – in the material “Mothercare will be taken care of in Russia”.
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