In December, the British retailer bought the San Jose, Calif.-based Shoe Palace.
The British owner of Finish Line and JD said the $325 million purchase will “significantly” increase its footprint on the U.S. West Coast.
Mulberry is returning to growth, with the Asia-Pacific region and digital channels both notching double-digit growth in the first half and into the current period.
The U.K. Takeover Panel has given Mike Ashley’s group a deadline of Dec. 17 to decide whether or not it wants to buy Mulberry, which is majority owned by Christina Ong.
A search for his successor has begun, and that person will likely be a turnaround expert.
Shareholders’ stakes have been wiped out and the company has suspended trading, but commercial operations are still running.
Chairman Ian Cheshire has now left the company, while ceo Sergio Bucher remains, despite the demotion.
The board has appointed Numis Securities Ltd. as financial adviser.
New owner Mike Ashley is faced with mounting debt and the industry wonders how he will repair relationships.