Troubled retailer Tie Rack has confirmed that it has been in talks with Italian clothing manufacturer Ferria.
Ferria is expected to bid at around 40p per share, valuing the company at about £25m. Tie Rack has more than 300 stores in 26 countries.
Tie Rack’s shares have dropped from over 200p in 1997 to 35p last Thursday. Ferria is thought to be planning to use its manufacturing base to turn the company around.
Financial Times 05/04/99 page 16
The Independent 05/04/99 page 15
The Guardian 05/04/99 page 16
