KKR says it has signed a deal with Coles and the KKR Group to sell a number of its stores, including department stores, to KBR, the company that owns the chain.
The deal will create a new global leader in the retailer’s retail portfolio and provides an important opportunity to grow our portfolio while maintaining our strong brands and heritage,” KKR Chief Executive Officer Greg Hayes said in a statement.
The transaction is expected to close in the second quarter of 2020.
It is the latest move in a series of changes that have rocked the retailing industry.
KKR has been trying to modernize its portfolio of brands and sell more of its brands to new players.
A major focus is on expanding its online sales business, which has been plagued by complaints about customer service.
It has also been grappling with a high number of store closures in recent years.
But its turnaround efforts have been hampered by an ongoing battle with Walmart over the pricing of its products.
The company has been under pressure from some customers over the last year to lower prices on some items, including shoes and clothing.
KBR said the transaction is one of the largest retail deals in history, and it will benefit both companies. KPR News: