CITY & CORPORATE
Blacks Leisure to close 89 stores
30 September 2009 | by The Retail Bulletin
The standstill agreement was subject to the Company delivering a restructuring plan acceptable to the Company's bank, Lloyds, which included an exit of the Company's loss making stores. As a first step in that restructuring plan, the Company announced on 23 September 2009 that Sandcity, part of the Boardwear division, had been placed in administration. The vast majority of the stores to be closed had 'not traded profitably for many years' Blacks said.
The company also announced that it would also be enter into a period of consultation with employees at its Northampton head office regarding the reduction of approximately 50 roles, representing about 20 per cent of the total head office workforce.
