The scale of the losses made at discount fashion giant Matalan during the first half of its financial year have been revealed.
The Liverpool-headquartered company has racked up losses before income tax and exceptional items of £20.8m for the 26 weeks to August 27, 2022.
That compares to the £1.3m profit it reported during the same period in 2021.
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Matalan fell to a loss of £13.7m in its second quarter after posting a loss of £7.1m in the first quarter.
The company had already revealed that its revenue for its second quarter totalled £286.4m, up from £264.7m in the same period last year.
Those figures were published when the business confirmed it had put itself up for sale.
The new results come after Matalan announced that its debt payments have been put back by several months.
The move buys the company, which is currently up for sale, more time to find the necessary cash.
Matalan confirmed the deadline to refinance its £350m of debt has been moved back from January to July 2023.
Last week BusinessLive reported that the owner of Waterstones was in talks with the founder of Matalan about backing his bid to take full control of the fashion retailer.
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