City Chic (ASX:CCX) says no agreement on US acquisition

Company News

by Anna Napoli

City Chic says there has been no agreement reached on the terms of a possible acquisition in the US.

The company responded to media speculation this morning an said it continues to explore various potential acquisition opportunities globally but opportunities are not sufficiently advanced to warrant any further disclosure at this time.

The retailer says if agreement is reached on the terms of any acquisition the board will consider appropriate funding options available to the company.

In June the company announced the closure of 14 stores following a breakdown in rental negotiations. The company saw its online sales jump 57 per cent while its stores were closed due to coronavirus lockdowns.

Shares in City Chic (ASX:CCX) are trading 1.38 per cent higher at $2.94.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.