Clothing retail firm Whistles has announced that it is to re-acquire a substantial amount of shares from Iceland’s government.Officials said this week that the move comes amid efforts to expand the womenswear chain into the US and other international markets. According to chief executive Jane Shepherdson, the buyback is the result of fresh cash injections from the company’s biggest shareholders.
Following the deal, Reykjavik will retain around 10 percent of Whistles after receiving bank-owned shares among the financial turmoil of 2008.
A Whistles spokesman said on behalf of the firm, “The existing shareholders have demonstrated their confidence in the future of the business by investing additional funds to support the acceleration of the strategy. This investment, together with the final repayment of Glitnir’s term debt, has led to some changes in the equity structure of Whistles,” Retail Week reports.
He went on to say, “The development of the Whistles brand is progressing well,” adding that, “So far this year the brand has delivered consistent double digit like-for-like sales growth and we are now well positioned to invest in a growth strategy, which will include store openings, international expansion and online development.”