City Chic is on track to report a 30 per cent fall in sales this year, dragging the women’s specialty fashion retailer’s bottom line deep into the red, internal documents show.
Shares in the ASX-listed company have been suspended for days as the company seeks an emergency $27.5 million equity injection and sells Avenue, a North American brand, for $14.5 million. The Australian Financial Review’s Street Talk column reported this week that FullBeauty Brands is purchasing Avenue from City Chic.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
