Matalan secures deadline extension for debt repayment
Matalan has announced that its debt payments have been kicked back several months, buying the high street retailer more time to find cash.
The discount clothes retailer said that a January deadline to refinance £350m of debt has been pushed back to July.
Matalan described the update as “an important milestone” in its recapitalisation plan and said it would provide “increased certainty” to the company’s 11,000 staff members.
Monaco based founder John Hargreaves has been gunning to take back control of the retailer, entering into talks with prominent activist investor Elliott Advisors this month.
Based in Liverpool, Matalan employs 11,000 people and trades from 230 UK stores.
It also operates an e-commerce platform and has more than 50 overseas franchise stores.
The company claims to have 11 million customers.
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