Jump to content
House Price Crash Forum
Sign in to follow this  
Gone baby gone

Blacks Wednesday

Recommended Posts

Consumer led recovery...

http://www.reuters.com/article/rbssConsume...U49503820090930

Blacks Leisure to close 89 stores, axe 50 HQ jobs

* Job losses represent 20 pct of head office staff

* More restructuring needed

* Stock flat

LONDON, Sept 30 (Reuters) - British outdoor goods retailer Blacks Leisure (BSLA.L) plans to close 89 loss-making stores and axe about 50 head-office jobs, it said on Wednesday, as part of a recovery plan it hopes will win the support of its banks.

The firm, which has over 400 stores including the Blacks Outdoor and Millets chains, said the job losses represented about 20 percent of headcount at its head office in Northampton, central England, and that it still had more restructuring to do.

Blacks said earlier this month it expected to breach its lending arrangements after worse than expected trading at its surfwear business and at loss-making stores.

It said Lloyds Banking Group (LLOY.L) had agreed to freeze its lending agreements until Nov. 30, on condition it comes up with an acceptable turnaround plan by Oct. 30. [iD:nLM38461]

A day later it put Sandcity, part of its surfwear business, into administration. [iD:nLN565029]

"Further restructuring is still required to satisfy the condition to the standstill agreement, which the Company continues to develop with its advisers, KPMG," Blacks said on Wednesday.

At 0735 GMT, Blacks shares were flat at 33 pence, valuing the business at about 14 million pounds ($22.3 million).The stock has dropped over 90 percent in the past 3-1/2 years. ($1=.6272 Pound) (Reporting by Mark Potter; editing by Simon Jessop)

...seems nobody has told the consumers!

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   292 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.