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PPR board to discuss Fnac future
09.10.12 | Benedicte Page
French luxury group PPR has confirmed that it will hold a board meeting tomorrow (9th October) to explore the "strategic options" for Fnac, the leading French cultural products chain. An announcement will be made following the meeting, PPR said.
In a statement, the company said it was making details of the board meeting public because of recent press reports. The Financial Times is among those reporting that PPR is poised to announce that it is exploring a spin-off of Fnac. The newspaper says the move signals "a dearth of buyers for the books and music store chain".
Fnac saw sales fall 3.2% in 2011 (to €4.2m), with operating income plunging 46.5% to €103m.