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KID ASA – ACQUIRING NEW LEASE AGREEMENTS FROM HANSEN & DYSVIK

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Lier, 24 March 2017: Kid Interiør AS, a fully owned subsidiary of Kid ASA (OSE: KID), has today entered into binding store lease agreements on the following properties, following an agreement with Hansen & Dysvik where Hansen & Dysvik discontinues their operations in the respective locations:

  • Pilestredet 12, Oslo (new store)
  • Storo Storsenter, Oslo (new store)
  • Romerikssenteret, Kløfta (new store)
  • Sandvika Storsenter, Sandvika (relocation of existing store)
  • Ski Storsenter, Ski (new store)

In Pilestredet, the landlord has accepted a transfer of the lease agreement from Hansen & Dysvik AS to Kid Interiør AS. In Storo Storsenter, Romerikssenteret, Sandvika Storsenter and Ski Storsenter, Kid Interiør AS has entered into new lease agreements with the landlord following Hansen & Dysvik AS’ termination of the current lease agreements.

Kid Interiør AS currently operates a store located outside Ski Storsenter which is expected to be closed upon expiration of the current lease agreement at 31.12.2019.

Kid Interiør AS has agreed to pay a total of MNOK 9.5 to Hansen & Dysvik AS based on a successful completion of the agreement. CAPEX related to upgrading of the locations is estimated at MNOK 12.5 (excl. inventory).

Kid Interiør AS expects the stores in Pilestredet, Storo Storsenter, Romerikssenteret and Sandvika Storsenter to open in May and June 2017, whereas the store at Ski Storsenter is expected to open in September 2017.

"We are very satisfied that we have managed to reach an agreement with Hansen & Dysvik, as these store locations will complement and strengthen Kid Interiør's position significantly in the important Oslo area. I am confident that this will contribute positively to our growth, profitability, market share and shareholder value creation going forward", says CEO Kjersti Hobøl in Kid ASA. "As the uncontested market leader in Norway within home textiles, we have for some time been looking to strengthen our presence in Oslo, which makes this agreement a perfect opportunity for Kid Interiør”".

“This agreement is important for our work in restructuring Hansen & Dysvik. We will still be available for our customers through our other physical shops and online shop. At the same time this will enable us to have a sharper focus on our franchise shops”, says CEO Tore Andreas Hansen in Hansen & Dysvik AS.

ENQUIRIES

Kjersti Hobøl, CEO Kid, +47 918 35 965

Petter Schouw-Hansen, CFO Kid, +47 482 24 534

Tore Andreas Hansen, CEO Hansen & Dysvik, +47 930 66 030

About Kid ASA

Kid is the largest and most profitable retailer in the Norwegian home textile market, typified by products like duvets, pillows, curtains, bed linens and other accessories and decorating items. As of 31.12.16, Kid operated a total of 134 wholly-owned stores in Norway, in addition to an online sales platform. Kid traces its history back to 1937, and has since the 1950s renewed Norwegian homes by offering attractive and practical curtains, bed linens and other interior articles. Kid is among the best known brands within retail in Norway, with 97% of Norwegian women being familiar with the company. Kid has approximately 900 employees, and its headquarters is located in Lier, Norway. For more information visit www.kid.no

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