Wolford shareholders look to sell majority stake

The main shareholders of Austrian textiles company Wolford are looking to sell an undefined majority stake in the company, the group, which is in the process of restructuring to turn around its current loss-making business, said on Friday.

"WMP Familien-Privatstiftung, Sesam Privatstiftung and its subsidiary the M. Erthal & Co. Beteiligungsgesellschaft ... as well as related parties announced today the intention to sell their stake, which is a majority stake, in Wolford AG," it said.

Wolford, which makes high-end tights, bras and shirts, said it and its shareholders together with Deloitte are starting to look for a new investor.

"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."

In the meantime, Wolford is negotiating with its banks to secure the money to meet its liquidity requirements, it said, without giving details.