Fashion retailer French Connection has reportedly withdrawn its plan to divest the company and will instead focus on restructuring.
Reuters reported that the company has decided to focus on wholesale business, the closing of non-performing stores, and its online operations.
Similar to other retailers in the UK, such as Ted Baker and Superdry, French Connection has struggled with decreasing consumer demand, the news agency reported.
High-street stores also are struggling following the advent of online shopping.
A French Connection spokesman was quoted as saying: “We obviously spoke to a number of parties who were interested in buying the business, but none of those came to a conclusion that we could accept was in the best interests of the stakeholders of the business.”
In October 2018, French Connection confirmed that it reviewed a potential sale of a 42% stake in the company.
The strategic review and potential sale process period was extended to September 2019.
In 2017, investor Gatemore Capital Management pressed for a sale.
Established in 1972, French Connection produces and sells fashion clothing for men and women, with operations in London, New York, Paris, Düsseldorf, Hong Kong, and Toronto.