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Like all retailers, we have found the last seven months extremely difficult.
This situation has worsened in recent weeks as we have had to deal with a series of false rumors about our payments and negotiation that have impacted our credit insurance.
Traditionally, the group has always traded with strong cash reserves and a conservative balance sheet, but these stories, the reduction in credit insurance, in the context of the lockdown, and now this second wave of Covid-19 and all the local lockdowns , they have made normal trading impossible.
As directors, we have a duty to the company, our staff, our customers, and our creditors to find the best solution in this brutal environment.
So today we have asked the court for a brief reprieve to evaluate our options before moving on to appoint administrators.
Through this process, I hope and believe that we will be able to secure the best future for our businesses, but there will inevitably be significant cutbacks and closures as we go through this.
I would like to thank all of our staff for their incredible efforts during this time and also our clients who have remained so loyal and committed to our brands.
