SPECIALTY store operator SSI Group Inc. said its board of directors had given the go-signal for the planned merger of two affiliates.
The group said on Monday that its board approved the planned consolidation of Luxury Concepts, Inc. (LCI) and Casual Clothing Retailers, Inc. (CCRI) on April 13. Both are subsidiaries of SSI’s wholly-owned unit Store Specialists, Inc.
Upon execution, CRRI will be the surviving entity.
“The merger is being undertaken in order to streamline SSI’s corporate structure and is expected to result in increased efficiencies. The merger will not impact the day to day operations of LCI and CCRI,” the group said.
The merger has yet to receive approval from the Securities and Exchange Commission.
SSI’s profit last year reached P275 million, higher than the P232 million it booked in 2016.
Core recurring income climbed 12 percent to P652 million, while revenues stood at P18.5 billion, slightly up from the P18.4 billion registered in 2016.
The group ended 2017 with 638 stores, covering more than 129,000 square meters.
Established in 1987, SSI first operated the Rustan’s Group’s specialty retail brands. Its retail portfolio includes brands like Lacoste, Salvatore Ferragamo and Marks and Spencer as well as Ralph Lauren, DKNY, Kenneth Cole, Burberry and Banana Republic, among others.