Studio Retail Group has announced that it will bring in administrators after it could not secure a loan to fund a surplus stockholding.
Mike Ashley's Frasers Group has had a 28.9 per cent stake in the home shopping retailer since 2015.
Studio Retail, which sells clothing, home, garden, and greeting cards via catalogues and its website, said in a statement that it has a surplus stockholding which requires additional capital funding while the stock is sold through to customers.
The business requested a short-term loan of £25 million from its lending banks to fund the stockholding, which the company said would be enough to enable it to sell through the product to customers.
However, the company was unable to reach an agreement with the banks to provide the additional funding.
It added that following a consultation with the UK's financial watchdog, it has asked that its London Stock Exchange listing be "temporarily suspended".
Studio Retail Group did not comment beyond its statement to investors.
Latest News
-
250,000 retail jobs lost in five years
-
Lidl creates scheme to encourage healthy eating
-
JYSK to open tech hub in Lisbon
-
Co-op expands Uber Direct delivery partnership to new app Peckish
-
Waitrose hires Sainsbury's loyalty boss ahead of rewards scheme relaunch
-
Debenhams unveils new buy now, pay later option for online shoppers
Poundland significantly reduces antisocial behaviour, aggression and shoplifting with Motorola Solutions VT100 body cameras
Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
© 2024 Perspective Publishing Privacy & Cookies
Recent Stories