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French Connection taken off market as sale fails

// French Connection no longer searching for buyer
// It will now focus on its turnaround strategy
// French Connection first announced it was considering selling the company in October 2018

French Connection has announced it is no longer searching for a buyer of the company, following a strategic review.

The fashion retailer will now put its efforts into its turnaround strategy, which is centred on sizing, its wholesale customers, investment in its online platform and a range of other cost saving measures.

The news comes just four months after the retailer said in December that it foresaw a sale by the end of the year, but it has failed to secure a buyer.

READ MORE: French Connection losses narrow amid ongoing sale process

French Connection first announced it was considering selling the company in October 2018, but repeatedly pushed back its sale plans.

In its latest results, which was for the six months to July 31, French Connection said it returned to sales growth after its pre-tax losses narrowed.

Pre-tax losses were at £4.7 million during the period, against losses of £15.1 million a year ago.

Despite this, the retailer faced a strenuous trading period thanks to rising competition on the high street and online.

Moreover, French Connection also reported a difficult trading period “especially during its fourth quarter” and now expects its loss before tax to be in the range of £1 million and £2 million when it posts its full year results on March 10.

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The post French Connection taken off market as sale fails appeared first on Retail Gazette.



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