April 12, 2018 / 6:44 AM / 9 months ago

Britain's Carpetright wants to close 92 stores in restructuring

LONDON, April 12 (Reuters) - Struggling British flooring retailer Carpetright said it would seek creditor approval for a restructuring plan to close 92 of its stores and reduce rents at 113 of its sites.

The company, which trades from 434 shops and concessions across Britain, also said it would raise 60 million pounds ($85 million) through a placing and open offer to reduce its indebtedness and fund the restructuring plan.

Carpetright has in recent months issued a series of profit warnings because of weak UK retail spending and blamed some of its outlets for being “poorly-located”.

The company will seek creditor approval at a meeting on 26 April for the company voluntary arrangement (CVA) which will allow the shop closures and lower rents, before asking shareholders for their backing on 30 April. ($1 = 0.7046 pounds) (Reporting by Sarah Young; editing by Kate Holton)

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