Global Retail Brands has added another homewares brand to its portfolio with the acquisition of 60-year-old retail chain MyHouse, which was placed into voluntary administration in March.
The cost of the deal was not disclosed. It includes the MyHouse brand, intellectual property, online store and stock, as well as 23 physical stores that are still trading.
Global Retail Brands plans to reopen 11 of the 13 MyHouse stores closed by administrators later this month and offer full-time, part-time and casual employment to around 250 MyHouse staff.
“We’re looking forward to re-opening MyHouse stores today and helping many team members get back to what they do best – providing great service to MyHouse customers,” Steven Lew, Global Retail Brands’ executive chairman, said in a statement about the acquisition.
Started in 1956, MyHouse built a reputation for offering great value bed linen, bedding, bath towels and home decor. But recently, it struggled to keep up with higher fixed costs and increased competition in the online shopping space.
Attempts at cost-cutting over the past 12 months proved unsuccessful, and with the added challenge of social distancing restrictions during the global coronavirus pandemic, the company decided to appoint administrators on March 19.
But now, following its acquisition by Global Retail Brands, the NSW-based MyHouse business may be set for expansion.
Lew said he sees potential to add an additional 25 stores nationally this calendar year, should the right store locations and rental opportunities present themselves.
He is also looking to review and expand the MyHouse product and category ranges and targeting 50 per cent online penetration.
“We look forward to bringing the business back to life by investing in the brand, the team, the online experience and the store network,” Lew said.
Global Retail Brands owns and operates a network of 180 stores and online platforms across a number of homewares brands, including House in Australia and the UK, Robins Kitchen, Baccarat, Your Home Depot, PetHouse and The Custom Chef.
Recently, the business has seen a surge of negative online reviews about shipping delays.
