He also said there were ongoing conversations with “several potential candidates.”
PARTNER POTENTIAL
This also comes as it moves forward with a partnership offer from WHP Global.
WHP Global notably has brands like Toys R Us, Vera Wang, and Anne Klein under its umbrella and wants to put a $663 investment into Guess, as noted in a March 17 news release.
As part of the deal, WHP Global would have a 57% majority stake in Guess’ stock, with 43% remaining for the co-founders and Alberini.
During the April earnings call, Guess confirmed it appointed a special board committee to continue considering the acquisition proposed by WHP Global alongside financial and legal advisers.
WHP Global and Guess have worked together closely before, as around one year ago the companies collaborated to acquire designer bag brand Rag & Bone.
Guess put in $51 million and saw about a 13% earnings boost by December.
Mall-based retailers and even fast-fashion brands, in general, have been taking hits this year as e-commerce reigns in appeal to many consumers with competing companies like Shein and Temu.
Forever 21 recently filed for Chapter 11 bankruptcy protection for the second time since 2019, and will shutter all its remaining stores.
Express also submitted its filing last April, closing 100 locations.
Read More Details
Finally We wish PressBee provided you with enough information of ( Once-popular retailer confirms it will close down 20 locations – and CEO reveals ‘natural’ deadline for shutters )
Also on site :
- The Diet That Helped a ’90s Pop Star Reclaim His Life
- Hollywood Hunk, 27, Is Unrecognizable After Dramatic Transformation
- Aid ship aiming to break Israel’s siege of Gaza sets sail from Italy