Shares in Swiss clothing retailer Charles Voegele slide to an all-time low, with traders citing speculation that the company’s biggest shareholder, supermarket chain Migros, may be selling all or part of its 25 percent stake.
Shares drop 15.7 percent to 7.2 Swiss francs at 1048 GMT, after hitting an all-time low of 7.0 francs earlier in the session.
Migros declines to comment and Voegele, which had a net loss of 109 million Swiss francs ($114.86 million) in 2012, says it has no explantion for the recent weakness in its share price.
Traders say the decline could be due to a big shareholder, possibly Migros, selling shares. They also say Voegele could have to do further writedowns linked to its withdrawal from eastern Europe or might have to raise capital or renegotiate credit facilities with banks.
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