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Asos fears as shares plummet: fashion company considers hiring a restructuring expert to revive its waning fortunes
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Asos shares plummeted amid fresh fears over its finances.
The fast fashion company is considering hiring a restructuring expert to revive its fortunes.
It began talks with banks about bringing in a turnaround specialist after finance chief Katy Mecklenburgh said she was stepping down this month.
Year from hell: Asos shares fell a further 7.4% amid new concerns over the fast fashion company’s finances
Shore Capital retail analyst Eleonora Dani said Mecklenburgh was jumping off a ‘sinking ship’ as talks began between beleaguered Asos and Barclays, HSBC and Lloyds Banking Group.
Sources told Bloomberg that no decision has been made yet. As Asos’ ‘year from hell’ continued, shares fell 7.4 percent, or 43 pence, to 542 pence.
Credit coverage was cut in October, a move that marked the beginning of the end for retailers including Woolworths, Comet and Toys ‘R’ Us.
AJ Bell investment director Russ Mold said bosses should have “fixed the roof while the sun was shining” as the retailer enjoyed a lockdown-fueled online shopping boom.