British New Look is allegedly talking to Asia Global about French store chain Mim's sale. It has more than 300 stores in France, but is onerous.
New Look had to accept a 64.2 million pound (80.7 million euro) write-off on Mim's net worth in its past fiscal year (until 29 March 2014), which helped lead to a 55 million pound (69.2 million euro) loss before taxes for the entire company. The year before that, New Look managed a 3.1 million pound (3.9 million euro) profit.
Asia Global has apparently tabled an offer to buy the clothing chain. According to Sky News, several investors and shareholders have been told about the possible deal on Friday. "New Look confirms that it has received an indicative offer from Asia Global for Mim, its standalone French retail business, and has entered into a period of exclusive discussions with them", Sky News said. "Negotiations are at an early stage and there can be no certainty that a transaction will be concluded."
New Look took full control of Mim in 2004.