Alexon the womenswear retail group is so short of cash it does not have sufficient to stock up for Christmas!
This is our intepretation from the company's carefully worded statement; The company is "operating with limited headroom against its existing facilities and accordingly there is a clear requirement for additional funding in the short term as it enters the seasonal peak in working capital requirements". Net debt for the company currently stands at £12.9m.
Alexon has invited proposals to acquire one or more of the Group's brands. Currently the board is considering one offer and it is understood that it is at a "significant" discount to share value.
Brands at the group include: Anne Harvey, Dash, Eastex, Kaliko, Minuet Petite and Lazy Lu They can be found in 990 stores around the world according to the corporate website.