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Arthur Barnett slims down

By Phil Boeyen, ShareChat Business News Editor

Monday 25th June 2001

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South Island department store operator Arthur Barnett (NZSE: ARB) is getting out of retailing in Balclutha.

The company says it has sold its store South Otago to Invercargill-based retailer H & J Smith, ending a 45-year presence in the town. It has been sold as a going concern and all existing staff will be retained.

"H&J Smith Limited operate retail stores in Southland and Nelson/Marlborough and see the acquisition of the Balclutha store as a natural fit to their existing chain," the company says.

Arthur Barnett says the Balclutha operation needed a different range of stock compared to its other stores in Dunedin and Christchurch, and it was becoming increasingly difficult to adequately provide the range required.

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