Now rewrite, rephrase, expand, and write more:

Moss Bros, the popular menswear retailer, is currently facing a state of uncertainty as its potential buyer, Brigadier Acquisition, seeks to back out of its initial offer. Brigadier Acquisition, which is the owner of the Crew Clothing brand, has made an application to the UK’s takeover panel to let its offer of 22p a share lapse. However, Moss Bros is determined to proceed with the deal and has emphasized the requirement that the bidder cannot withdraw the offer unless there is a “material significance” in the context of the offer. The Moss Bros board is ready to take necessary actions to argue that these requirements have not been met, and if successful, the takeover will move forward.

The plan to privatize Moss Bros for £22.6 million was announced earlier this year, just before the outbreak of the COVID-19 pandemic, which resulted in the closure of all fashion shops in the UK. Moss Bros, unfortunately, had to shut its doors shortly after the deal was made.

At first, the takeover offer seemed attractive to investors as it represented a significant 60% premium compared to the previous day’s closing price of the shares. However, with a price of only 22p per share, Moss Bros was still valued at just a fifth of its market capitalization from two years earlier. Following the news of the potential buyer’s desire to withdraw from the deal, share prices took a sharp decline, dropping by 32% as the markets opened. Currently, the shares are trading at less than 14p each.

Both Moss Bros and the hesitant buyer have an uncertain future ahead. It remains unclear whether the deal will continue or be cancelled altogether. Additionally, the ongoing crisis presents unknown implications for Moss Bros. Many fashion retailers have divulged their available cash reserves or plans to secure additional financing to weather the storm, but what lies ahead for Moss Bros is uncertain due to the anticipation of new ownership within the coming months.

Useful links:
Crew Clothing brand
Moss Bros website