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
It advised that further restructuring was still required to satisfy the bank,
and that it was working with advisers KPMG to resolve the situation.
Head of Editorial Kevin Reed looks at the week's news
MPs launch probe into the sale of BHS that will look at role of auditors and accountancy firms in sale process
A short moratorium will give struggling companies a chance to be open with their creditors and negotiate a way out of their problems transparently, says Sykes
Out of a dozen sectors profiled only oil and gas and manufacturing were deemed to have a higher than normal risk of insolvency