// Asos is in talks with its lenders to hire a restructuring expert as it looks strengthen its financial department
// The etailer successfully extended its £350 million credit facility to 2024 in October
Asos is in discussions with its lenders about hiring a restructuring expert after the exit of its chief financial officer.
According to Bloomberg, several informal discussions have been held about the role but no decision has been made yet.
The retailer is currently looking for a new chief financial officer following the news that interim CFO Katy Mecklenburgh will leave her post in May 2023.
The appointment of a restructuring expert, which would sit below executive level, could help the retailer get back onto steady ground after it reported an operating loss of almost £10 million in its year to 31 August.
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Its lenders, Barclays, HSBC and Lloyds Banking Group, have hired AlixPartners and law firm Clifford Chance to advise on the situation.
Asos, which is being advised by EY and PJT Partners, revealed in October it would be axing 100 head office jobs as part of a cost-saving 12-month plan.
Asos’ new chief executive José Antonio Ramos Calamonte promised “decisive, short-term operational measures to simplify the business, alongside steps to unlock longer-term sustainable growth”.
The same month saw Asos successfully renegotiate the terms of its £350 million revolving credit facility but with the extension only lasting until 2024, the retailer will need restart discussions with lenders again next year.
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