March 23 (Reuters) - Plus-sized fashion retailer N Brown has maxed out its main credit facilities and may need further funds under a downside scenario for the coronavirus shutdown, the company said on Monday.
The Manchester-based apparel maker, which employs 2,400 across the UK and has already seen a 40% fall in daily product sales, said it was in talks with its lenders as well as with UK tax authorities about the deferral of tax and national insurance payments.
It also suspended its dividend for the foreseeable future and warned that its 2020 adjusted pretax profit would be below its prior forecast of a 70 million pounds to 72 million pounds ($83.70 million) range.
Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.