The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
The Winnipeg company that owns SAAN has signed a letter of intent to sell the chain of department stores to a group of Canadian and American investors. Gendis Inc., based in Winnipeg, hopes to get out of the retail sector and continue its move toward energy and real estate investments. As of yesterday afternoon, no announcement had been made on the potential acquisition by the Avalon Group, based in New York City. The investors intend "to continue SAAN's history of operating the SAAN and Red Apple Clearance Centres as an independent retail chain headquartered in Winnipeg," stated a press release issued by Gendis Inc. The group has engaged a leading retail consulting firm to work with investors and SAAN management "to develop and implement a plan to return the chain to profitability," reads the release. "The investor group contemplates acquiring ownership of SAAN Stores Ltd. on or before September 30, 2004."
