Our Price owner eyes surfwear

TROUBLED Australian retailer Brazin, which is to offload most of the Our Price stores it took over from Virgin Group, is to try a new retail strategy for the UK, capitalising on the popularity of surfwear.

The company plans to run five 'street footwear' shops for six months and, if successful, open up to 100 more.

Brazin is in dispute with Virgin over profit guarantees it made last year when Brazin paid just £2 for the 77 Our Price stores. Brazin rebranded the stores Sanity Entertainment. Brazin now draws 35% of its revenue from the UK, but the Sanity Entertainment chain is a lossmaker and the company is seeking a buyer.