Pre-pack for Blacks
Published: 06 January, 2012
Troubled retail group Blacks Leisure has announced that it plans to go into pre-pack administration as part of a sale of the business
Blacks operates 98 Blacks and 208 Millets stores and the Peter Storm and Eurohike brands, employing about 3,500 people. Before Christmas the board said it had received a number of indicative offers and these have now developed into firm bids, but none at a level that will provide any return to the company's shareholders.
In a Stock Exchange announcement the company said that any sale will be effected through an administration process, and it is in the process of appointing three partners of KPMG as the administrators although the actual appointments are only likely to take effect just before the completion of a sale.
Blacks' stores will remain open for business as usual in the meantime.
