Plans to sell French Connection have been axed after the fashion retailer failed to attract a buyer.
Shares in the retailer plummeted by almost a third on Friday after it said it would now focus its attentions on its turnaround strategy. The company launched the review into its future in October 2018 and previously said it was in talks with four potential suitors over a sale.
It expects to post a pre-tax loss of between £1 million and £2 million for the year to January 31, as a result of the "continued challenging trading conditions on the UK High Street".
Trading in the fourth quarter was especially tough, the company said, with both its retail and wholesale business having a "difficult" second half of the year.
French Connection said it will now focus on altering its store portfolio, renegotiating rents, targeting wholesale growth, particularly in the US, and investing in its online platform.
