BRIEF-City Chic Collective Signs Agreement To Divest Its US Based Avenue Business

Reuters06-20

June 20 (Reuters) - City Chic Collective Ltd :

* SIGNED A DEFINITIVE AGREEMENT TO DIVEST ITS US BASED AVENUE BUSINESS TO FULLBEAUTY BRANDS FOR US$12 MILLION

* FORECAST GROUP SALES FOR FY24 ARE DOWN 30% TO A$187 MILLION (INCLUDING AVENUE)

* FORECAST GROUP SALES FOR FY24 ARE DOWN 30% TO A$187 MILLION (INCLUDING AVENUE )

* CITY CHIC'S LENDER AGREED TO RESTRUCTURE CURRENT DEBT FACILITY, WITH A$10 MILLION MULTICURRENCY FACILITY

* PREPARATIONS FOR CITY CHIC'S PROPOSED CAPITAL RAISE REMAIN ONGOING

* TRADING OF SECURITIES OF CITY CHIC WILL REMAIN IN TRADING HALT WHILE CAPITAL RAISE PREPARATIONS CONTINUE

* SEES FY24 PROFORMA ADJUSTED EBITDA POST-AASB16 FROM CONTINUING OPERATIONS (IE, EXCLUDING AVENUE AND EVANS) IS LOSS OF A$9.3 MILLION

Source text for Eikon: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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