Safilo Group Receives 'Expressions of Interest' to Purchase Solstice Retail Stores in U.S.

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PADUA, Italy—Safilo Group S.p.A. has announced that it has recently received “expressions of interest” to purchase the company’s Solstice retail sunglass chain in the U.S. According to the company, the board of directors decided to proceed with the option to sell the relevant Solstice assets to a third party following the management’s assessment of a divestiture as a possible alternative to the current turnaround plan included in Safilo Group’s business strategy. There are a total of 73 Solstice locations in the U.S. of which 28 are outlets, a company spokesperson told VMAIL.

“While any possible transaction is subject to condition precedents customary for this kind of transaction, including the positive outcome of a due diligence process currently underway in relation to a non-binding offer received and the negotiation of satisfactory related agreements, the group considers a probable sale to be concluded within 2019,” Safilo Group stated.

Additionally, as envisaged by IFRS 5, Safilo Group will reflect any financial result of a possible transaction in the respective 2019 financial statements, the company said.