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Chief executive officer Stephen Marks has approached bidders to sell around 42 per cent stake in the company, according to UK media reports. The company, whose fashion brands includes namesake French Connection, Great Plains and YMC, has been struggling to keep pace with its competitors ASOS, Forever 21 and Zara among others.
Following this announcement, the company is now considered to be in an 'offer period'. Last month, the company witnessed a huge rise in half-year losses along with closing down of several shops. Further, it expects to shut eight more stores in the UK this year, with only 30 in operation. (RR)
Fibre2Fashion News Desk – India
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