Matalan: Rainy weather and shift back to stores leads to revenue slump July 24, 2023 Matalan reported a challenging first quarter as poor summer weather impacted sales against the backdrop of cost of living pressures and a shift away from digital. The bargain homeware and clothing retailer said revenues in the thirteen weeks to 27th of May declined eight per cent to £263m. However, in the five weeks to the [...]
Matalan accused of ‘cowboy buying practices’ in cost-cutting drive July 5, 2023 A group of Asian suppliers has accused Matalan of “cowboy buying practices,” after the value retailer reportedly attempted to haggle for 20 per cent price cuts on some orders. The disgruntled supplier said the fashion and homewares brand displayed some of the “most aggressive, unreasonable buying practices” they had ever seen, speaking to The Times [...]
Matalan drafts in supermarket execs as bruised retailer looks to rebuild reputation March 27, 2023 Matalan has drafted in a pair of former Lidl and Co-op executives as the bruised value retailer looks to rebuild its performance following the exit of founder John Hargreaves earlier this year. Jo Whitfeild, the former chief of the Co-op’s food division, will take the lead as Matalan’s chief executive. She will replace interim chief [...]
Matalan deal done but founder Hargreaves won’t be coming back January 16, 2023 A long-awaited debt-for-equity swap which will save retailer Matalan has been confirmed – but founder John Hargreaves, who has been around the business for forty years, will not be part of the new management structure. Hargreaves had tried to put a bid together with Elliot Advisers to take over the business. But a host of [...]
Debt write-off for Matalan but founder Hargreaves on his way out January 15, 2023 Bruised and battered retailer Matalan is set to tell markets tomorrow it has been rescued by a debt-for-equity swap with its lenders, according to a host of news reports this weekend. Founder John Hargreaves, who founded the fashion firm some forty years ago, is set to lose control of the firm despite his own last-minute [...]
Matalan’s founder John Hargreaves makes last attempt to retain control December 18, 2022 John Hargreaves has reportedly made a last attempt to keep control of Matalan, making a 50-50 offer with Elliot Advisors’ private equity arm. The 78-year-old businessman, who floated the company almost 25 years ago, is among one of Matalan’s four potential buyers. The other three are the retailer’s senior lenders and private equities Alteri and [...]
Matalan secures deadline extension for £350m debt payment October 17, 2022 Matalan has announced that its debt payments have been kicked back several months, buying the high street retailer more time to find cash. The discount clothes retailer said that a January deadline to refinance £350m of debt has been pushed back to July. Matalan described the update as “an important milestone” in its recapitalisation plan [...]
Elliott holds talks with Hargreaves over backing Matalan bid October 11, 2022 John Hargreaves' bid to wrest back control of Matalan could be given a valuable boost from the owner of Westminster.
Matalan recruits ex-New Look boss as sale of fashion chain launched September 26, 2022 Matalan has brought in a former New Look chief as it announces the start of a strategic sales process. Nigel Oddy will join the fashion retailer as interim CEO from the start of next month, after leaving the high street chain in June. Oddy will help to deliver a growth strategy and reposition the brand [...]
Matalan eyes up sale as British retailers continue to feel sting September 4, 2022 Matalan's founders are eyeing up a sale, as the fashion firm struggles to fight off inflationary pressure.