Belgian department store chain Inno has found new owners, after a lengthy search. CEO Armin Devender and his management remain on board, but it is already clear that the acquirers have their own clear vision for the future. They already have plans to expand Inno into more cities and launch a new store concept.
Only ‘home’ for two months
Belgians first became acquainted with Al-Saffar earlier this year, when the Swedish-Lebanese businessman took over the majority of Casa‘s shares in April. At that time, the entrepreneur said he would ensure new growth and that he saw synergy opportunities by grouping its procurement with other chains in his group. Those include Swedish department store chain Åhléns, where Al-Saffar led a successful turnaround, jewellery chain Ur & Penn and watch brand Axcent of Scandinavia.
However, his story at Casa was not a long one: on 14 June, he quietly sold Casa again. In the meantime, he had appointed a new CCO, sold loss-making shops in the Netherlands and launched a big sale to liquidate stock. After all, the chain has been loss-making for years and the unions see the sale as a last resort.
