Gaisanos’ Metro group buys Wellworth stores

HOMEGROWN Metro Retail Sales Group Inc. (MRSGI) has bought mid-market Wellworth Department Stores from property giant Ayala Land Inc. (ALI) and joint venture partner, retail leader SSI Group Inc.

In separate disclosures to the Philippine Stock Exchange on Wednesday, the three listed firms said MRSGI has entered into a deed of absolute sale with SIAL Specialty Retailers Inc., a 50-50 joint venture of ALI and SSI, to acquire store assets of the latter’s two department stores at the Fairview Terraces Mall and UP Town Center, both in Quezon City.