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Shares of online fashion retailer Farfetch (NYSE: FTCH ) have continued to decline in today's session. In fact, shares of FTCH stock hit a fresh new all-time low today on news that Moody's downgraded the company's credit rating to Caa2.
Farfetch is reportedly running very low on cash and is in desperate need of an investor. The company has already indefinitely postponed the release of its third-quarter results scheduled for last week.
The future of Farfetch is still in limbo. It's unclear if the company is going private or not.
After a year filled with surprising developments, Farfetch appears to be continuing its trend of unexpected moves. The online luxury retailer revealed this week that it will not be disclosing its financial results for the third quarter of 2023, and the scheduled conference call for the same has been canceled.
Farfetch stock had previously spiked on news that the company could be taken private. But subsequent reports have emerged suggesting that may no longer be the case.
Farfetch (NYSE: FTCH ) stock is on a wild ride recently that has shares of the luxury fashion company falling hard on Wednesday after rallying yesterday. The beating that FTCH stock is taking today comes after the company announced it has to delay its latest earnings report.
Shares of Farfetch Ltd. dropped nearly 50% Wednesday after investors seemed to doubt reports that the luxury fashion e-commerce company would be taken private.
Richemont, the owner of luxury jeweller Cartier, has played down reports it will back any move to take online luxury retailer Farfetch private. UK-based, online luxury brands retailer FarFetch has been a megaflop on the US stock market shedding almost all of its value in the past two years as revenues have stalled.
Luxury fashion e-commerce company Farfetch Ltd. FTCH said late Tuesday it won't announce its third-quarter financial results on Wednesday as scheduled, saying only it will provide a “market update in due course.
A British paper wrote that Farfetch founder Jose Neves is looking to take the company private. After peaking at $73 during the pandemic, Farfetch shares recently hit a low of $1.31.