Carpetright has plunged to a near-£71m pre-tax loss and its hopes for survival rest on the success of a recent restructuring involving the closure of dozens of shops.
Britain’s largest flooring retailer said that its statutory pre-tax loss was £70.5m in the year to April 28, compared with a profit of £900,000 the year before. This was on revenue that was down 3% at £443.8m while its underlying loss came in at £8.7m, reversing a profit of £14.4m the year before.
A Company Voluntary Arrangement reached with its creditors will result in the closure of 92 stores, putting 300 UK jobs at risk, while raising £60m to fund a restructuring.
