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BRIEFLY

Retailing

September 17, 1993|From Times Staff and Wire Reports

Silo Stores to Be Shed in Merger: Dixon Group, Britain's leading consumer electronics retailer, said it has agreed to sell the money-losing Silo chain of 183 stores in the United States to Fretter Inc. for a stake in the American retailer. Dixon is to receive 30% of Fretter's shares: $30 million in convertible preferred stock that, fully converted, would amount to 49% of Fretter--and $15 million in preferred stock. Fretter will get 70% of the combined company, renamed YES! Your Electronics Superstore, and $44 million in cash. The deal will amount to a $3-a-share payment to Fretter stockholders.

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