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In the latest fashion biz news, British group French Connection has announced the downsizing of its US presence and the sale of the money losing Nicole Farhi brand to a US equity firm. In a restructuring effort to return the FCUK brand to profitability, the company will close 17 stores throughout the country, bringing the store count to just 6. The sale of Nicole Farhi to OpenGate Capital for approximately $7.5 million has also helped the company's stock price (stock symbol "FCCN.L", but we have to admit we were hoping it would be a play on their acronym) rise by about 14%.
There are currently two French Connection stores in downtown Manhattan and one in the Roosevelt Field Mall. So it'll be wait and see on which storefronts will be up for rent in the near future. We're also hoping this turn of events doesn't affect our shopping brunches at 202 Nicole Farhi.
· French Connection Sells Nicole Farhi; Slims in US [Reuters]