Specialty Fashion thought it was getting a bargain when it struck a deal to buy value fashion chain Rivers from founder Philip Goodman for just $4 million two years ago. But when Specialty finally got the keys to the 28-year-old retailer it found more than it had bargained for - 8.6 million pieces of aged stock sitting in warehouses. "At one stage we thought about dumping it all at sea," Specialty Fashion's outgoing chairman, Geoff Levy, told shareholders at the annual meeting on Tuesday. "Until you cleared that stock you couldn't bring in new goods," Mr Levy said. "And it's not that easy to sell...
↧
