ASOS has drafted in a leading company doctor amid pressure from its lenders about the state of its balance sheet
The online retailer, which bought Topshop out of administration in 2021, had sales boom during the initial phase of the pandemic, but has struggled since, grappling with a string of management changes.Early in the pandemic, it raised close to £250m from a share sale to enable it to take advantage of opportunities arising from the dislocation caused by COVID-19.Topshop was the most prominent of those, although it has also explored other acquisitions during the period.
However, inflationary pressures and the fading of investors' assumptions that soaring demand during the pandemic would be sustainable have coalesced into a string of profit warnings. It said recently it had cash and undrawn credit facilities of about £430m, and would return to a position of cash generation in the second half of the year.Last autumn, Sky News revealed that its biggest lenders, which include Barclays, HSBC and Lloyds Banking Group, were lining up AlixPartners and law firm Clifford Chance toOn Thursday, shares in ASOS were trading at around 794p, giving it a market value of nearly £780m.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Confirmed: GoldenEye 007 will release for Switch and Xbox this week | VGCConfirmed: GoldenEye 007 will release for Nintendo Switch this week.
Read more »
Teen Wolf: The Movie's Tyler Posey addresses Scott's biggest change'He feels a little bit lost.'
Read more »
Scots mum whose son, 10, tried to kill himself 3 times calls for better supportKirsty Solman, 40, and her husband Scott, 45 , went through every parent's worst nightmare.
Read more »
Parkinson's: 'Exercise has left me symptom free'Following his diagnosis Scott Hanley turned to physical activity and says he is now 'symptom free'.
Read more »
Parkinson's: Using exercise to turn the table on disease'As well as working my body I want my work my brain.' 🏋 Scott Hanley was diagnosed with Parkinson's disease six years ago but since taking up intensive exercise over the past 15 months his symptoms have decreased significantly Read his story:
Read more »