Top Brands finalises Neutral transaction as efforts turn to restructuring

By Luke Barras-hill |

Neutral-acquisition-completesPanama’s Top Brands International has completed its acquisition of Neutral Duty Free, TRBusiness can confirm.

As reported, Top Brands moved to buy Neutral earlier this year.

Neutral’s shops on the Brazil/Uruguay border in the cities of Rivera (home to its flagship Melancia Mall), Artigas, Aceguá, Rio Branco, Chuy, and Bella Union on the Argentinian/Uruguay/Brazil border will be branded ‘Neutral by Luryx’ to represent the new fascia of Top Brands.

“We are working on synergies and restructuring; it has been playing out pretty good and now we are just waiting for more traffic on the borders,” commented Danny Yohoros, President, Top Brands International.

The acquisition means the Top Brands group now operates more than 80 stores throughout Latin American and the Caribbean with a retail presence of more than 200,000sq ft.

Bahamas-Luryx

Luryx store in the Bahamas.

It already runs shops in 13 other countries (aside Neutral’s in Uruguay) including Panama, Belize, El Salvador, Chile, Cuba, St. Thomas, Tortola, French Guiana, Colombia, Costa Rica, Bahamas, Paraguay and the US.

To read a more detailed report at the time news of the acquisition emerged, click here.

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