Land of Leather confirms takeover interest
Land of Leather has confirmed recent press speculation this weekend that it has received a number of expressions of interest.
The company said ‘These discussions are at a very preliminary stage and shareholders should be aware that there is no certainty that an offer will be forthcoming. The company has no debt and hence no requirement to pursue a sale of the business unless it realises shareholder value.’
Land of Leather also reported that total sales orders for the 3 months ended 2 November 2008 declined 47%, “against very tough pre-credit crunch comparatives.” ‘We expect market conditions to be challenging and uncertain for the remainder of 2008 and 2009 which includes the important January Sale period. As a result, the outcome for the financial year ending 2 August 2009 is extremely difficult to predict.’
