Blacks Leisure to close 89 stores in bid to stave off creditors

by Paul Grant

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30 Sep 2009

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Blacks Leisure has confirmed that it is to close 89 loss-making stores and make around 50 redundancies at its Northampton head office as part of its fight to save the company.

The outdoor leisure retailer said the move was part of a standstill agreement it has reached with lender Lloyds Banking Group ahead of an expected covenant breach this month and that the stores to close “have not traded profitably for many years”.

It advised that further restructuring was still required to satisfy the bank, and that it was working with advisers KPMG to resolve the situation.

Further reading

Blacks Leisure mulls CVA

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