Fashion retailer French Connection, which operates six stores in the Republic and one in the North, has said it is seeking new suitors as investment firms Spotlight Brands and Gordon Brothers had pulled out of preliminary talks to buy the struggling UK company.
French Connection said it had formally launched a sale process and had been approached by three other parties and was also still in preliminary talks with previously announced joint suitor Go Global Retail and HMJ International.
London-listed French Connection was a force in the fashion market in the 1990s and was once known for its provocative FCUK brand of clothing and accessories, but the company has not been profitable in nearly a decade.
Just before the Covid pandemic began last year, it had abandoned plans to sell itself after an over yearlong review of its business.
However, as the crisis deepened, sales of already struggling British retailers, including French Connection, Laura Ashley, Oasis, and Arcadia, were hard hit.
Last month, French Connection had said its talks with Spotlight-Gordon and Go Global-HMJ were at a very early stage.
Now, it has said Spotlight and Gordon Brothers do not intend to make an offer.
Go Global-HMJ has until March 5 to decide whether to make a bid.
- Reuters and Irish Examiner