Thursday, 12 April 2018

Carpetright to axe 300 jobs and close stores under rescue deal.

Around 300 jobs are to be axed at Carpetright after the embattled retailer unveiled plans to shut another 81 stores and tap investors for £60 million under a sweeping restructure.

The chain said that, overall, 92 sites had been earmarked for closure, although 11 have already stopped trading, with the rent on another 113 set to be slashed under the company voluntary arrangement (CVA) proposals being put to landlords.

It said it hopes to relocate staff where possible.

The group – which employs nearly 2,700 staff in total – also confirmed an investor cash-call to raise around £60 million through a rights issue to put the company on a firmer financial footing.

The details came as it revealed a “technical breach” of its banking arrangements, but the group said it was taking action to address this and ensure it is amended for the future.



By Holly Williams.

Full story at Yahoo News.

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