Blacks Leisure stores may close

Shares in Blacks Leisure fell 50% after the retailer issued a warning that it may close.Blacks Leisure stores may closeThe troubled camping and outdoor clothes retailer said it was making the appeal for an outside investor after meeting major shareholders and investors to raise capital.

Blacks warned last month that sales in the crucial Christmas period would be weaker than had been expected.

Management are targeting a sale by January, the company said.

Blacks warned that shareholders may not gain if the ailing business is sold.

The company said it had the support of Bank of Scotland, its main lender.

“Given the current level of debt within the group, there can be no assurance that any sale would attribute value to the ordinary shares of the group,” a company statement warned.

Blacks currently has £36 million of net bank debt.

The firm has appointed accountants KPMG to find potential buyers.

It said it had obtained a waiver from the takeover panel to ensure that any potential buyer can remain anonymous and avoid rules that would normally compel it to make a formal offer within 28 days.

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