A PRE-PACKAGED administration has been lined up for Blacks Leisure, to be undertaken by KPMG.
The listed outdoor-wear retailer announced late last year that potential buyers were lined up for the group. Its brands include Blacks, Millets, Storm and Eurohike. Blacks employs around 3,500 people.
Sale of the trade, assets and brands will take place while the business is in administration. Operating subsidiaries of the group will continue to trade through the process, while the sale is finalised within the next few days.
The shares, which were suspended this morning, will have no value based on the offered received by interested parties.
KPMG partners Brian Green, Richard Fleming and David Costley-Wood, will be appointed as the administrators.
You may also like
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.
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.