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Blacks reveals job cuts and store closures

Published on 1 Oct 2009 under category: legal

A clothing firm has revealed plans to shed jobs in a bid to avoid financial troubles.

Blacks is closing 89 of its stores, shortly after calling in administrators to its O'Neill chain, bankruptcy solicitors may be interested to hear.

It also announced that it is set to shed around 50 jobs at its Northampton head office.

The company has until the end of the month to present a restructuring plan to its bank.

However, the firm announced in a statement that further changes are likely to be needed before this deadline.

It said: "Further restructuring is still required to satisfy the condition to the standstill agreement, which the company continues to develop with its advisers, KPMG."

In related news, earlier this week it was revealed that retailer Jessops has been saved from insolvency after it agreed a restructuring deal with HSBC.

It is thought that as many as 2,000 jobs have been saved thanks to this.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.