Sycamore stays in the Ted Baker fray
Why it's the BFD: What began with the rejection of two unsolicited bids has now morphed into a full-fledged auction process involving multiple bidders.
Of note: This bidding interest is happening against a backdrop of geopolitical turmoil and a tightening economic environment, to which Europe and its consumers are vulnerable.
- To boot, the interest focuses on the fashion category, one of the first areas consumers cut spending if it looks like the economy is in trouble.
Between the lines: Sycamore is also said to be pursuing a bid for Kohl's and Walgreens' Boots division.
The bottom line: Bidders need to have a strong stomach to transact in this environment, especially in Europe, but consumption remains strong and the economy is steady.