The move is part of Renner's expansion plans in Brazil, including a $20 million investment in four outlets in Sao Paulo in the next two years.
The U.S. retailer entered Brazil in December 1998 through the acquisition of retail chain Renner, founded in Porto Alegre. Renner now has 23 stores, 11 in the state of Rio Grande do Sul, three in Santa Catarina, two in Parana and seven in Sao Paulo.
The local Mesbla chain sold its assets following debts of more than $600 million. The buyer, Sao-Paulo based Mappin, also collapsed, leading to the acquisition by Renner.
Copyright August 1999, Crain Communications Inc.