Funding-hit Blacks expects bleak Christmas
Embattled Blacks Leisure, which is on the hunt for funding, has said it expects its results for the full financial year to be "below expectations".
The Northampton leisure retailer, which in October said it has suffered from "challenging trading conditions in a tough economic environment", said that consumer confidence and discretionary spending have continued to fall.
This has resulted in lower sales and, based upon this, Blacks expects its vital Christmas trading period to be weak.
Blacks said: "As previously stated, the directors acknowledge that the group will also need additional funding in order to execute its strategic plans and the board is therefore considering other financing options, including strengthening its capital structure, to ensure that an appropriate platform is in place.
"Constructive dialogue has been maintained with the Group's bankers, Bank of Scotland plc, who continue to be supportive."
The company posted a pre-tax loss of £16m for the six months to 27 August. In July it revealed it was turning to a £40m banking facility to manage its escalating debt, which resulted in its share price plumetting.
