re: Ann: Media Release - Update regarding La ... further...

re: Ann: Media Release - Update regarding La ... further update....pretty girl would be insolvent if packer didn't prop them up....doesnt' bode well for sfh...!


Packer keeps clothing chain Pretty Girl afloat
Published 6:51 AM, 15 Jan 2013 Last update 6:51 AM, 15 Jan 2013

inShare
QUICK SUMMARY | FULL STORY | RETAIL

Documents filed with the Australian Securities & Investments Commission (ASIC) show that the James Packer-owned women's clothing business Pretty Girl Fashion Group would be technically insolvent if not for efforts by Mr Packer's Consolidated Press Holdings Ltd (CPH) to keep the retailer afloat, according to The Australian.

Pretty Girl has booked a second straight loss for the 2011/12 financial year, the report said, and CPH has provided a letter of support for Pretty Girl to cover at least the next 12 months as current liabilities – due within 12 months – exceed existing assets by $53.6 million.

Revenues for 2011/12 sat at $163.7 million, down $20 million from the year previous and down substantially from a $218 million peak in 2004/05.

Mr Packer bought half the Pretty Girl business in 1999, and CPH bought the rest of founder Jeff Moss's stake in the mid-2000s, The Australian reported.

Pretty Girl stands as one of the first companies Mr Packer purchased.