Danier Leather to explore sale options after ‘disapp - leatherbiz: Lea Leatherbiz

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Danier Leather to explore sale options after ‘disappointing’ results

11/02/2015
Canadian retailer Danier Leather has said it will “explore strategic alternatives” including a sale or merger.

It has encountered falling sales during the second quarter of fiscal 2015, which fell 10% to $55.7 million compared. Year-to-date sales decreased by 12% to $76.3 million, while comparable store sales decreased by 14%.

Danier has implemented a cost reduction initiative to savings of between $5 million and $7 million during fiscal 2016; 15% of head office staff have lost their jobs.

"We are disappointed with the company's unsatisfactory financial results and are implementing a number of changes which we believe will produce meaningful improvements," said CEO Jeffrey Wortsman.

Related stories:

Danier Leather files for insolvency 08/02/2016
Danier Leather looks back on ‘toughest year’ 22/09/2015
Management shake-up for Danier as sales fall 10% 14/08/2014
‘Disappointing’ revenue dip at Danier Leather 24/04/2014
Bad weather kept customers away, says Danier Leather 03/02/2014
High-end leathergoods boost Danier's figures 24/10/2013
Danier Leather to focus on accessories as sales dip 15/08/2013
Warmer weather impacts Danier sales 16/08/2012
Danier Leather reports Q2 results 26/01/2012
Danier Leather narrows Q1 net loss to $2.8m 20/10/2011

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