Capri says open to talks with companies interested in assets

Capri Holdings (CPRI) CEO says the company is well positioned to move ahead as an independent public company after Capri and Tapestry (TPR) mutually agreed that terminating the merger agreement was in the best interests of both companies. The CEO says the Michael Kors brand was not evolving as needed and sales have been impacted by a slowdown in luxury fashion goods globally as well as outsized weakness in China. The company intends to reduce expenses by closing unprofitable stores and additional workforce optimization. The company has been open to conversations with any company that has interest in any of its assets, Capri executives added. Comments from Capri’s strategic update call following the announcement of the deal break.