Jan Cameron, the wealthy founder of outdoor clothing retailer Kathmandu, appears set to swoop on collapsed company Australian Discount Retail, the owner of the Crazy Clark’s and Go-Lo chains.
ADR collapsed in January with debts of over $200 million. Its retail chains, Crazy Clark’s, Go-Lo and Sam’s Warehouse, have more than 400 stores across Australia.
Leading discount chain The Reject Shop has submitted a bid for parts of the ADR business, but The Australian Financial Review has reported that Cameron is expected to be announced as the winning bidder some time in the next few days.
Cameron is an Australian citizen but has spent most of her life in New Zealand. She founded Kathmandu in the 1970s, using a sewing machine to make hiking gear in her flat. By the time she sold the chain in 2006 for around $230 million, it has 46 stores.
Cameron, who has valued at $505 million on last year’s BRW Rich 200, has since invested in a number of retail operations.
In January, Cameron spent $NZ4.54 million to buy a stake in New Zealand-based children’s wear retailer Pumpkin Patch. She owns just over 9% of the group.
In March, Cameron increased her shareholding in baby goods company Postie Plus Group from 15.1% to 17.8%.
Both companies have struggled in recent years, and the notoriously low-profiled Cameron seems intent on finding a few bargains in recession-hit New Zealand.
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James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
