Having failed to secure the additional funding needed to overcome its current woes, the board of Studio Retail Group has said it intends to file a notice of intention to appoint administrators for SRG and Studio Retail as soon as it is considered to be reasonably practical. A statement made to the London Stock Exchange said: “The board is taking this action to protect the interests of its creditors.”
As previously reported, Studio Retail Group had a large surplus of stock and was seeking a short term loan of c.£25m to fund the selling of the stock to customers. The business had not proved able to reach agreement to secure the borrowing.
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