Teen omnichannel retailer Delia’s Inc. announced Tuesday that its Board of Directors is exploring several inquiries from third parties interested in acquiring the company. No formal or binding offers have been made.
Tracy Gardner, the company’s chief executive officer and a director, said, “Management remains focused on executing its strategic plan and laying the groundwork to develop a more relevant, engaging and integrated customer experience across our omnichannel platform.” She added, “At the same time, we are focused on optimizing our working capital and continue to look for opportunities to leverage cost efficiencies. We maintain our belief that Delia’s can fulfill its potential as an authentic brand with a unique competitive position in the marketplace.”
Delia’s, which peaked in the ‘90s as the go-to apparel and accessories catalog for teenage girls, hasn’t benefited from the resurgence of ‘90s fashion. Total revenue for the first six-month period ended August 2014 dropped 24.2% to $51.7 million from $68.3 million from the prior year period. Last month the company filed a Form 10-Q with the Securities and Exchange Commission stating that if current sales trends and reduced mall traffic continued it would need to seek additional debut or equity financing, restructure its debt, cut costs to remain in business or find a buyer.