Reorg Credit Intelligence – 5/24/2021
Shoe Zone Remains in Rental Term Talks With Landlords After Missed Payments,
in Discussion With Suppliers on Delivery Disruption Amid Falling Revenue
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U.K. retailer Shoe Zone is in negotiations with its landlords to secure better terms after it failed to meet its rental payments. The company is also in talks with its suppliers after experiencing supply disruption due to container shortages and the Suez Canal obstruction in March. The company has suffered from declining revenue as a result of the Covid-19 crisis and related lockdowns. In 2020, it raised debt for the first time in 15 years with a £15 million Covid‐19 Large Business Interruption Loan Scheme (CLBILS) facility from NatWest. The loan requires the group to comply with certain financial covenants. To read our EMEA Middle Market team’s analysis of Shoe Zone PLC click through here: https://reorg.com/new-coverage-shoe-zone-remains-in-rental-term-talks-with-landlords-after-missed-payments-in-discussion-with-suppliers-on-delivery-disruption-amid-falling-revenue/
Contact: Matt Danese
mdanese@reorg.com
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