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

by Paul Grant

More from this author

30 Sep 2009

  • Comments

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

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send
HM Revenue & Customs

Head Of Financial Control

HM Revenue & Customs, Telford, Full Time, Permanent/p>

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.