After shares losing two thirds of their value in the past year, children’s clothing retailer Pumpkin Patch is seeking formal proposes following recent offers to buy or refinance the company.
According to the Auckland-based retailer, third parties have proactively indicated an interest in the company since announcing a capital review at the November annual meeting.
“The board believes it is in the company’s interests to seek formal proposals in respect of either an acquisition of the company or in respect of recapitalisation,” said chairman Peter Schuyt and chief executive Di Humphries in a statement.
It is believed that the rise in the New Zealand dollar against the Australian dollar had a negative impact on the business compared with the previous year.
PUMPKIN PATCH SEEKS PROPOSALS
