French Connection Group PLC (LON:FCCN) tanked after announcing it is no longer up for sale after over a year of talks with potential buyers.
The troubled fashion retailer first announced plans to sell itself in October 2018.
The London-based brand will now focus on growing US and online activities as well as increasing savings by renegotiating store costs.
Loss before tax for the year ending 31 January is expected to be between £1mln and £2mln, from last year’s £9.3mln.
Trading in the UK in both retail and wholesale was more difficult during the second half of the year, especially during the fourth quarter, the firm added.
Shares dropped 23% to 25.96p on Friday at the opening bell.