Blacks Leisure sale process continues
Blacks Leisure has announced that it does not expect to receive any offers for the business and warned that it saw no value for shareholders in the company.
The troubled outdoor clothing retailer put itself up for sale three weeks ago as it struggled with debts of £36 million.
In statement issued today the retailer said a number of parties had submitted offers to acquire the whole or parts of the group. However, based on the level of indicative offers received, Blacks said it was unlikely that any value would be attributable to the ordinary shares.
Blacks said it was continuing to hold discussions with a number of parties, with a view to concluding the sale process in January 2012. It is also holding constructive discussions with its lender, Bank of Scotland.
The company is now expected to be bought as part of a pre-pack administration deal.
Blacks posted a £16 million loss for the first half of its financial year and warned in November that its annual results would be worse than expected.
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