Clothing chain gets respite from £500m debt

LIVERPOOL retailer Matalan has been given brief respite as it struggles with its £500m debt.

According to reports, Lloyds Bank has agreed to reset the covenants on Matalan’s loans, which will give the discount clothing chain breathing space.

It follows Matalan’s entry into the Lloyds Banking Group’s special measures division after disappointing results the retailer said was the result of tough trading conditions.

In the three months to January 2, online sales fell by 50.9% to £2.... For the full story register now for free or login below...