The sale process for French Connection has been extended as the retailer continues discussions with ”a number” of interested parties.
French Connection revealed last October that it was “reviewing all strategic options” over the future of the business including a ”potential sale of the company”.
It had commenced preliminary discussions with several interested parties and had expected the strategic review and formal sale process to conclude during the first half of 2019.
Today, the business said discussions have “progressed” since then and are ongoing with a number of interested parties. As a result, the board has extended the period for completing the sale of the business until its interim results are published on 17 September 2019.
Underlying operating profit for the year to 31 January 2019 increased to £100,000, before tax, adjusting items and discontinued operations, from a loss of £2.1m the year before.
However, French Connection reported an operating loss including adjusting items of £9.3m, a three-fold increase on 2017/18 when the figure was £3.8m. Taking account of adjusting items and discounted operations, the group said it was “break-even”.