Adds background on firm, particulars from assertion
Adds background on firm, particulars from assertion
March 23 (Reuters) – Plus-sized style retailer N Brown BWNG.L has maxed out its major credit score services and may have additional funds beneath a draw back situation for the coronavirus shutdown, the corporate mentioned on Monday.
The Manchester-based attire maker, which employs 2,400 throughout the UK, mentioned it was in talks with its lenders in addition to with UK tax authorities in regards to the deferral of tax and nationwide insurance coverage funds.
“Over the past week we’ve seen a really vital and sudden discount in buyer demand with each day product gross sales down in extra of 40% in comparison with expectations,” N Brown mentioned.
It additionally suspended its dividend for the foreseeable future and warned that its 2020 adjusted pretax revenue could be beneath its prior forecast of a 70 million kilos to 72 million kilos ($83.70 million) vary.
Earlier than the virus disaster unfold spiralled uncontrolled, N Brown had issued a revenue warning in January citing poor efficiency at its monetary companies unit and extra discounting available in the market.
The proprietor of JD Williams, Merely Be, Ambrose Wilson and Jacamo has been specializing in enhancing its on-line presence because the UK retail panorama goes by way of a tricky interval with extra folks purchasing on-line and as prices rise.
N Brown additionally mentioned the publishing of its outcomes for the 12 months ended Feb. 29 was prone to be delayed past April 29.
($1 = 0.8602 kilos)
(Reporting by Tanishaa Nadkar and Muvija M in Bengaluru; enhancing by Patrick Graham and Amy Caren Daniel)
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