Bri­tain’s Carpetright seeks to close 92 stores

The Irish Times - Business - - MARKETS -

Shares in strug­gling Bri­tish floor­ing re­tailer Carpetright fell 9.42 per cent af­ter it said it would seek cred­i­tor ap­proval for a re­struc­tur­ing plan to close 92 of its stores and re­duce rents at 113 of its sites.

About 300 jobs will be lost at the re­tailer, which has 20 stores in Ire­land. The com­pany, which trades from 434 shops and con­ces­sions across Bri­tain and Ire­land, also said it would raise £60 mil­lion (€68.8 mil­lion) through a plac­ing and open of­fer to re­duce its in­debt­ed­ness and fund the re­struc­tur­ing plan.

Carpetright has in re­cent months is­sued a se­ries of profit warn­ings be­cause of weak UK re­tail spend­ing. The com­pany will seek cred­i­tor ap­proval at a meet­ing on April 26th for the com­pany vol­un­tary ar­range­ment which will al­low the shop clo­sures and lower rents.

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