March 23, 2020 / 7:58 AM / 2 months ago

Apparel maker N Brown in talks with lenders as sales slump

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.

$1 = 0.8602 pounds Reporting by Tanishaa Nadkar in Bengaluru; editing by Patrick Graham

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