Finance Finance News Noni B shares in trading halt

Noni B shares in trading halt

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Shares in troubled fashion retailer Noni B have been placed in a trading halt.

The retailer said it was preparing to make an announcement about a potential material transaction.

The trading halt is expected to remain in place until Wednesday at the latest.

The move comes after Noni B last Friday announced a $7.8 million full year loss on the back of falling sales.

At the time, the retailer said a review of its future by major shareholders was close to a conclusion, although no sale of the business or other proposal was guaranteed to proceed.

Sales at the women’s fashion chain dropped 7.7 per cent in the year to June 30, to $112 million, contributing to an underlying loss of $2.2 million.

The company has been approached by several parties interested in taking a stake or complete control of the company, after it announced its major shareholders, the Kindl family, were undertaking a strategic review.

Noni B shares last traded at 45 cents.

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