Blacks Leisure goes into administration

Blacks Leisure has announced that it is to go into administration as part of a takeover deal.Blacks Leisure goes into administrationThe so-called prepack arrangement will wipe out the whole value of existing shares, which have now been suspended from trading on the London Stock Exchange.

The retailer said it had received a number of final offers for the bulk of the business and expected to announce a deal in the next few days.

Blacks’ stores will remain open for business as usual in the meantime.

The company owns 98 Blacks outlets, 208 Millets stores and the Peter Storm and Eurohike brands. It employs about 3,500 people.

Three partners from accountancy firm KPMG are expected to be appointed administrators, but only once details of an immediate onward sale of the company’s key trade, assets and brands has been finalised.

A pre-pack administration is one in which the insolvent company has already arranged for a buyer of its profitable assets beforehand.

It will also allow the firm to write off its £36 million debts, and help it to close down the loss making parts of the business.

Any buyer is expected to require the closure of, or job losses at, Blacks’ head office and warehouse in Northampton.

Last month, Blacks appealed for an investor to rescue it, by buying the firm or its brands.

Blacks reported a £16 million loss for the first half of its financial year and last month warned that its annual results would be worse than expected.

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January 23, 2012 · Home Based Jobs · One Comment
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