UK-based fashion retailer Matalan’s founder John Hargreaves has stepped down to take part in the sale as a bidder. The move is a distinct indication that he will participate in a recapitalisation process for the discount retailer. More on the same, John said his intent is to be instrumental in positioning the business for long-term success. If the sale process doesn’t result in transaction, the noteholders have committed to an alternative recapitalisation plan that would lead to material reduction of Matalan’s debt. Founded in 1985 by John Hargreaves, Matalan – as of 2020 – had 13,000 employees and 230 stores in the UK, besides franchise stores in the Middle East.

Source: The Times September 29, 2022 05:51 UTC