Sirdar sell-off

ADVFN NewsWire (10:31) - Sirdar (EPIC: SRDR) is to sell off its curtains and accessories subsidiary, Eversure Textiles. The decision to sell off the troubled division comes after a ‘strategic review’ which the parent company announced on March 22. The review investigated the option of a major downsizing of the division and/or a move to a significantly greater proportion of imported product. However, Sirdar said it has now “reluctantly concluded that these options will not return the operation to an acceptable level of profitability in the foreseeable future and it has, therefore, been seeking offers.â€￾

The process of tendering Eversure has been ongoing for some two weeks, continued Sirdar, saying several parties have expressed interest. However, the company admitted it has had to consider the possibility that these negotiations may not be successful and that it may be necessary for the Eversure operation in Sheffield to close down, with the risk of job losses. A period of consultation with elected representatives of all employees will commence shortly to discuss the current situation.

Eversure will continue trading and all current and future orders will be fulfilled, Sirdar said. Talks with potential bidders are ongoing and announcements were promised in due course.

rmp