Blacks Leisure issues profit warning
27 July 2009 10:35
Blacks Leisure has warned that its financial performance will be below market expectations after renegotiating its working capital facility with Lloyds Banking Group for a further 12 months.
Blacks said it had originally planned to convert a number of struggling Boardwear stores to its Outdoor format but pending completion of the renegotiation, this investment was postponed. In addition, the process led to a number of one-off charges on the business.
The statement concluded: "The company continues to investigate options to accelerate the turnaround of the business including ways to achieve a rapid exit from the loss-making Boardwear division and resume the roll out of the new format Outdoor stores which continue to perform well".
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