Fossil shares plunge 40% on extension of deadline for debt exchange offer

Oct 16 (Reuters) – Shares of U.S. watchmaker Fossil tumbled 40% in premarket trading on Thursday, after the company, which has been restructuring its debt, announced plans to extend the deadline to exchange its senior notes due 2026. The company has extended the deadline by a week to October 22. It had pushed the deadline once before. Fossil first announced plans related to restructuring its 7% senior notes due 2026 in September. Shares in the firm have more than doubled in value this year, helped by narrowing losses amid its turnaround plan. The company, known for its fashionable watches and leather goods, said it was has no plans to float an Indian unit, in response to media reports of a possible IPO. (Reporting by Prerna Bedi in Bengaluru)

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