Deathwatch: Blacks puts itself up for sale for Christmas
Blacks Leisure has been struggling for a while and has decided to throw the towel in, becoming the first big British store group to do so this Christmas. This came with a warning to investors that the value of their shares could be wiped out in any deal.
They said: "Given the current level of debt within the group (36 million pounds) there can be no assurance that any sale would attribute value to the ordinary shares of the group"
"The group continues to be in constructive discussions with its lender, Bank of Scotland, who is supportive of the proposed sale process, which the directors are seeking to conclude during January."
Shares in the firm had already lost 90 percent of their value in the last year, and since this announcement, it doesn't look like they'll be doing anything but sink further.
It seems that no-one is in the market for walking boots or camping equipment, despite the fact that the tough economic climate could see us all homeless soon.
Maybe that should be Blacks last-ditch advertising campaign to save them from extinction? Anything is better than being taken over by Sports Direct, controlled by Newcastle United owner Mike Ashley at the Farmfoods Thunderdome.
TOPICS: High Street News