UK retail group Kingfisher is to purchase a £15.7 million majority stake in Streets Online, the company behind online bookstore Alphabetstreet and music retailer Audiostreet.
The e-tailer, which also runs a web magazine Streetwise and a product-location site Xchange, will become part of Kingfisher’s MVC chain of music and video stores. The group also owns B&Q, Woolworth, Superdrug and Comet.
Should Kingfisher complete its demerger plan, Streets Online will become part of the General Merchandise division.
Kingfisher’s online chief executive Ian Cheshire claimed that the purchase will be “another example of Kingfisher's 'bricks and clicks' strategy to offer customers multi-channel access to its products”.
News source: BBC Online Business News (UK)