Dutch retail group Macintosh has found 160 million euro worth of refinancing: a consortium of banks provided 140 million euro, while its majority shareholders granted a structured 20 million euro loan.
"Fast cross-channel expansion"
CEO Kurt Staelens believes this refinancing will enable the company's restructuring program to continue. "This new financing package enables us to sharpen our strategy and invest further in the positioning of our shoe formats and in the rapid expansion of our cross-channel proposition", the press release said.
Macintosh has been going through a restructuring program since 2013, which has led to the sale or closure of several stores, like Scapino's entire Belgian branch. The group wishes to focus entirely on fashion and that is why it has been looking for a buyer, for its home decoration chain Kwantum.