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BREAKING NEWS

Bonmarche considers Philip Day offer after poor first quarter

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(Reuters) – Women’s fashion chain Bonmarche Holdings said on Wednesday it now considers the buyout offer from Spectre Holdings Ltd as “fair and reasonable,” on the back of poor trading conditions in the first quarter.

Bonmarche had previously said the offer from British businessman Philip Day’s firm was “inadequate,” but changed its stance after the retailer warned of challenges in the clothing market, exacerbated by unseasonal weather in the UK.

Retailers and supermarkets have posted only modest growth in the last 12 weeks during a wet start to the summer, industry data showed on Tuesday.

(Reporting by Pushkala Aripaka in Bengaluru; editing by Gopakumar Warrier)

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