Regis to merge Euro. salons with Franck Provost
NEW YORK (Reuters) - Hair salon operator Regis Corp (RGS.N: Quote, Profile, Research, Stock Buzz) said on Monday it agreed to sell a majority stake in its European hair salon franchise to Franck Provost Salon Group for an undisclosed sum, creating Europe's largest salon company.
Regis, whose salon chains include Supercuts, Jean Louis David and Vidal Sassoon, said it will keep a 30 percent interest in the combined company, while the current Provost management team will oversee all its operations.
Regis' operations in Britain will not be included.
The deal, which should not affect Regis' fiscal 2008 operating results, is expected to close in January 2008.
The combined company will operate over 2,200 company-owned and franchised salons.
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