HONG KONG — Trading in shares of Joyce Boutique Holdings was suspended pending announcement of a proposed privatization plan, according to documents filed with the Hong Kong stock exchange.
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The move comes one day after members of the Ma family said they would resign from the company. The buyout plan, by Wheelock & Co. chairman Peter Woo, who controls 52 percent of the company — compared with the Ma’s family holding of 23 percent — has been directly linked to lackluster sales at the luxury retailer.
Joyce’s net profit for the year to March dropped 31.1 percent and sales grew 4.6 percent. The company has attributed its financial difficulties to rising rents and the strong euro.
For more, see Friday’s issue of WWD.