By  on February 7, 2011

SYDNEY — Australian department store chain Myer said Monday it has purchased a 65 percent stake in Sass & Bide for 42.3 million Australian dollars, or $42.8 million, plus a performance bonus based on fiscal 2011 sales results.

The transaction is expected to be completed in April, Myer said, explaining that the Sydney-based brand will be launched in about 30 Myer stores over the next 18 months.

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