BusinessBusiness RecoveryBlacks Leisure to close 89 stores in bid to stave off creditors

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

Loss-making outlets and 50 head office jobs to go

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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