French Connection takes itself off the market
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UK retailer French Connection has announced that it is no longer for sale, over a year after it started to look for buyers.
The fashion chain said it “will now focus on completing its turnaround and build on the progress made in recent years” and also warned of a yearly loss in a market update this morning.
It came just four months after the brand said in December that it foresaw a sale by the end of the year.
French Connection, once known for its controversial FCUK branded clothes, first announced it was considering selling the company in October 2018. It has repeatedly pushed back its sale plans, however.
The company has had a torrid few years as it struggled to keep up with high-street competition such as Zara.
It has turned a loss for many years, although it beat expectations in September with a first-half loss of £3.7m.
French Connection said in its market statement that its preliminary results for the year are likely to show “a loss before taxation of between £1m and £2m”. It said this reflected “the continued challenging trading conditions on the UK high street”.
“UK trading in both the retail and wholesale businesses has been more difficult during the second half of the year, especially during the fourth quarter.”
French Connection’s preliminary results for the year ending 31 January 2020 are due on 10 March.