Bonmarché has unanimously rejected the offer made by prospective buyer Philip Day, and said the cost-reduction plans of its board will succeed “in the medium term”.
The embattled womenswear retailer has urged shareholders to reject the £5.7m bid made by Edinburgh Woollen Mill owner Day, as the bid “materially undervalues Bonmarché and its prospects”.
The retailer said the “cost-reduction actions”, which the board began at the time of the bid, have now “begun to be implemented”. The delivery of this programme should “result in the improved operational and financial performance of the business”, it said.
It is the latest twist in the ongoing battle between Day and the Bonmarché board for control of the company.
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