Shoppers Stop sells Crossword Bookstores to ABH
1st Sep 2021

Shoppers Stop has sold its controlling stake in its wholly-owned subsidiary -- Crossword Bookstores at a gross business valuation of Rs 41.62 crore to Dinesh Gupta, Aakash Gupta and Family (Owners of Agarwal Business House) (ABH). Shoppers Stop shall divest 51 per cent stake, that is expected to be completed within 15 days, and another 39 per cent stake will be divested in the next 12 months.

Under the agreement, ABH will take over all the assets and brand. Any liabilities will be adjusted for arriving at the final consideration.

The sale of the Crossword Bookstores is consistent with the company's strategic plans which is to focus on its core business and expand its strategic pillars viz, First Citizen, Private Labels, Beauty and most importantly, its omnichannel business.

Shoppers Stop is engaged in the retailing business. It runs a chain of departmental stores with brands including Shopper’s Stop, Home Stop, Crossword, Cafes and Restaurants etc.