Land of Leather has ended talks with parties interested in buying the business, saying the offers would fail to deliver shareholder value.

“Early stage discussions suggested that there would be insufficient value to shareholders so talks with potential bidders have been terminated,” the retailer said in a statement.

On December 1, Land of Leather revealed that it had received unsolicited expressions of interest in the company.

Athe time, the company said the offers may have lead to a takeover bid but stressed that it had no debt and would therefore only pursue a sale of the business if it could realise shareholder value.

The interested partied were thought to have been Hilco, the restructuring specialists currently running Woolworths, and private equity firm Sun European, which owns homewares retailers ScS and Homeform.

Land of Leather also issued a gloomy trading update last week, reporting that total sales orders in the three months to November 2 had plummeted by 47 per cent.