Matalan has been put up for sale as the fashion retailer also announced a new chief executive officer. The UK high street chain said former New Look boss Nigel Oddy will take over as interim CEO.
It comes as the group said that chairman John Hargreaves, who founded the company in 1985, will step down from his role so he can take part in the auction process for the company. Mr Hargreaves is currently the retailer's owner, but has spent the past few months in a tussle with bondholders ahead of a mammoth debt repayment.
A £350 million bond is due to be repaid in January. Mr Hargreaves has reportedly offered to pump more money into the business in a bid to retain control of it. A group of bondholders confirmed on Monday that they have offered to provide £200 million worth of financing and said they would support Matalan's intention to put back the date that the £350 million bond matures.
