COMPANIES CALL OFF ACQUISITION
By Adnews Staff
Reitmans (Canada) and Modes Gigi Canada, both of Montreal, have called off a deal which would have seen Modes Gigi buy the Cactus chain of stores from Reitmans. The purchase fell through because the two "failed to agree on certain material issues concering the acquisition," a Reitmans release says. If the deal had gone through, advertising would have been handled in-house with the help of consultants. Reitmans has hired a corporate retail development vice-president who will work with existing management to develop the Cactus chain. Reitmans officials were unavailable to comment on how advertising will work. Cactus is a women's clothing chain with 15 outlets in Quebec, Toronto, Calgary and Vancouver. Reitmans acquired Cactus as part of its Dalmy's Canada acquisition in March 1996.