Blacks Leisure, the struggling British outdoor goods retailer that put itself up for sale earlier this month, said it does not have and does not now expect to receive an offer for its equity.
It said a number of parties have submitted indicative offers to buy the whole or substantially all of the trade, assets and brands of the group, which sells products such as walking boots, camping equipment and ski jackets from 306 Blacks Outdoor and Millets stores, employing 3,500 staff.
"Blacks Leisure continues to hold discussions with a number of selected parties with a view to concluding the sale process in January 2012," it said.
"Based on the level of indicative offers received, it is most unlikely that any value will be attributable to the ordinary shares."
The firm, which has debt of £36m, added that it continues to be in constructive discussions with its lender, Bank of Scotland.
Shares in Blacks Leisure, which have lost 95 per cent of their value over the last year, closed Thursday at 1.75 pence, valuing the business at just £1.5m.