French Connection has extended the deadline of its “formal sale process” until the time of its interim results on September 17.
The fashion retailer announced in October last year it was in discussions with “several interested parties” regarding the sale of the business but said there “can be no certainty that an offer will be made for the company”.
French Connection said today that since that time discussions have progressed “with a number of interested parties”, resulting in the retailer extending the window for completing its strategic review and sale.
The retailer’s chief executive Stephen Marks had previously said in March that he expected the “strategic review, including the formal sale process, to conclude during the first half of 2019”.
French Connection said it continues to believe the fashion brand can “deliver long-term growth” and “remains focused on driving the business forward”.
The retailer posted underlying operating profit of £0.1m in the year to January 31, bolstered by its wholesale business. Sales increased 10.3% to £76.9m; however, its retail sales slid 10.6% to £58.4m and like-for-likes fell 6.8%.
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