NEW YORK — Guess, Inc. has canceled its proposed sale of 4.6 million shares of its stock due to poor stock market conditions.
Guess said that it would convert its filed registration statement into a shelf offering for $200 million of its stock. The Los Angeles-based firm had planned to use the proceeds for debt repayment and working capital.
Guess’s shares have recently been hit hard by concerns over its high inventory levels. Shares closed Wednesday at 17, down 1/4, on the New York Stock Exchange. It hit its all-time high of 32 on March 31.