Blacks Leisure losses widen
First half Group like-for-like sales declined by 1.1%. Excluding the closing stores like-for-like sales increased by 3.8% in the 2 months ended 27 October 2009
Chief executive Neil Gillis said, "In the current economic environment it is clear that more radical restructuring measures are needed to free the core Outdoor business from the burden of the loss-making Boardwear business and a tail of stores that have not traded profitably for many years."
The group added that discussions with its lender Lloyds Banking Group with regards to its proposed restructuring plans are now underway.
"We are confident that the actions taken and proposed to be taken will ultimately strengthen the business and help ensure that a strong and successful Outdoor retailer emerges from this process," it said.
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