// Matalan said deadline for its debt payments have been pushed back several months
// It described the update as “an important milestone” in its recapitalisation plan
Matalan has secured a deadline extension for its £350 million debt repayment.
The high street retailer said its January deadline to refinance £350 million of debt has been pushed back until July.
Matalan described the update as “an important milestone” in its recapitalisation plan and said it will provide “increased certainty” to its 11,000 staff members.
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Matalan founder John Hargreaves has been seeking to take back control of the business after he was in discussions with activist investor Elliott Advisors this month.
If the discussions result in a successful offer, it would add Matalan to a portfolio of British companies backed by Elliott, which has become one of the world’s most prominent activist investors, owning stakes in businesses including Waterstones, Travelport and Foyles.
The fashion retailer employs 11,000 people and trades from 230 UK stores.
