Wolford shareholders' group seek to sell majority stake

The leading shareholders of Wolford are currently looking to sell their undefined majority stake in the textile company. The move comes as the Austrian-based company restructures its business in an attempt to cut its losses.

WMP Familien-Privatstiftung, Sesam Privatstiftung and its subsidiary the “M. Erthal & Co.” Beteiligungsgesellschaft, as well as related parties, announced their intention to sell their majority stake in Wolford Friday morning. The shareholders are working together with Deloitte and Wolford to find a suitable investor for the company, which is best known for its high-end hosiery and underwear.

“The purchase of the majority stake by a future core shareholder shall be combined with an equity financing transaction that shall strengthen the company’s liquidity on a long-term basis. The issue size has not yet been determined,” said the company in a statement.

The textile company added that it is currently negotiating with financing banks to secure the financing needed to meet the liquidity requirements up until an investor is found.

Photo: Courtesy of Wolford