Storm CEO buys the women's clothing chain from Hallenstein

Deborah Caldwell, a shareholder of Blackstar Holdings in New Zealand and CEO of women's clothing chain Storm since August 2005, recently bought the brand from retailer Hallenstein Glasson Holdings for an undisclosed amount. Caldwell earlier worked for JK Kids and Max Fashions. Storm had assets of about $1.2 million and current liabilities of $487,000.

Sales at Storm, which has ten stores, fell 11 per cent to $8.3 million last year and the business recorded a net loss of $313,000 compared to a profit of $868,000 a year earlier, according to a news portal in New Zealand.

Hallenstein Glasson Holdings is now focusing on expanding its other two much larger fashion brands, Glassons and Hallenstein Brothers, in both the New Zealand and Australian markets, Hallenstein chief executive Mark Goddard said in a statement.

Hallenstein's 2017 annual report observed that Storm's sales struggled to maintain momentum during the year due to tough trading in a highly competitive segment of the market.