German investors Arques Industries has sold its share in the Austrian fashion chain, Schöps, for an undisclosed price.

The buyer was the Austrian retail and real estate entrepreneurial family, Al-Wazzan, which operates franchise stores and retail shops in Austria including Street One, Tally Weijl, Esprit, Leder Company and Jeans Only.

An Arques statement said: "Schöps is still in a difficult situation despite the repositioning in the low price segment. Most recently the situation even became worse due to the extremely competitive environment in the Austrian retail business.

"Conceptually the buyer will operate differently and will partially change over to a franchise system. Within the course of the transaction, the buyer has committed itself to significant investments in Schöps."