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Fashion chain Seasalt has abandoned plans to find a buyer, despite reportedly being close to agreeing a deal with Next, according to The Times.
The company had hired advisors to explore sale options. Along with Next, investment firm Davidson Kempner were reportedly interested, but Seasalt decided to scrap the deal due to “turbulent market conditions”.
The company was founded by Don Chadwick in 1981, and has 70 stores across the UK.
The news comes after its sales fell from £75.4m to £69.8m for the year to January 2021, impacted by store closures during the pandemic.
However, in January, the company said strong festive sales had driven up revenues 20% in the five weeks to New Year’s Day, and 33% higher than before the pandemic.
