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Matalan outlines timeframe for sales process

Matalan has announced further details regarding its ongoing sale, confirming that it has “received bids from a number of interested parties”. The company is currently assessing… View Article

FASHION

Matalan outlines timeframe for sales process

Matalan has announced further details regarding its ongoing sale, confirming that it has “received bids from a number of interested parties”.

The company is currently assessing all the tabled bids. Discussions are also continuing with interested parties and their advisers.

The retailer said that it’s looking to complete the sales process by the end of January 2023 and will provide an update to the market at such time.

In a statement, Matalan said: “All transactions under consideration provide for a material reduction of Matalan’s debt.

“The stable and sustainable balance sheet will put the company in a position of financial strength, allowing it to execute on its business plan and deliver its growth strategy. The outcome of the sales process will not impact the continued operations of the business or our colleagues, suppliers or other partners.”

Matalan has faced debts of over £500 million and has come under increased pressure in recent months after leading credit insurers, including Allianz Trade, gradually removed cover for suppliers to the retailer.

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