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Editorial: 0208 222 0503 Commercial: 07401 241 979, UK: Four Cavendish Square, Marylebone, London, W1G 0PG. By browsing Matalan, you agree to our use of cookies. VAT number: 216 8767 77, Boohoo in search of a new auditor as PwC stands down, British Retail Consortium “deeply concerned” about PM’s no deal Brexit comments, Intu Watford transferred to new management, Online sales growth up 42% in September but “problematic” outlook for…, IN PERSPECTIVE: “Culture” in the UK is under attack; what are…, How a small team at Bestseller slashed its returns rate, The Interview: Jacynth Bassett, Founder and CEO, The Bias Cut, Unlimited vital daily news, exclusive features & interviews, Priority access to events offering learning & networking opportunities, In-depth studies & reports to help make sense of market challenges, Podcasts with inspirational business leaders. In a statement to customers, Matalan said the first to open will be those in "out of town retail parks". Matalan is set to close a shop on land earmarked for housing and move elsewhere. Yet, nearly 30% of visitors are frustrated with irrelevant product results. The retailer has furloughed staff but continues to sell clothing online. In 2010, he paid himself a £250 million dividend after refinancing the firm with around £525 million of debt from bondholders. Matalan has opened 12 of its stores this week, after they were deemed 'essential' shopping. Matalan executive chairman, Steve Johnson said: “A key focus for us during the summer was selling through the surplus seasonal stocks that we brought out of the lockdown period.”, “We achieved our objective of exiting the season with a healthy terminal stock position, comparable with previous years, accepting this action had a heavy impact on profits during the quarter.”, “The achievement of this important objective is a testament to the hard work of all of our colleagues in shaping and executing compelling events for our customers and positions us well to recover our full price sales mix in the autumn/winter period.”, “As previously announced, in June we successfully introduced additional liquidity into the business and reduced our cash paying debt service costs.”, “The benefit of this exercise, in addition to the good stock clearance and sales performance, as well as the actions taken to manage working capital, capex and costs, are evident in a strong cash balance at the end of August.”, “This healthy liquidity position provides the business with headroom to normalise its working capital position as we enter what will be another volatile and challenging trading period.”. The company will initially be welcoming customers to stores with large Homeware departments and a Click and Collect service. Despite the closure of Matalan's Clearance Store, there is another branch in Exeter which is located at Marsh Barton Retail Park. Download 'Rewrite The Stars' on iTunes. Save my name, email, and website in this browser for the next time I comment. “As a result, we will remain cautious as we trade through the autumn/winter season, although confident that Matalan has demonstrated its robustness since trading in stores resumed and that we have taken all appropriate actions to protect our business, colleagues and customers.”, “Whilst much of our focus is necessarily on the near-term trading environment, there remain many opportunities to develop the business by further enhancing customer choice and experience alongside continuously improving our own efficiency and agility.”, “As always, we intend to vigorously pursue these opportunities.”, SIGN UP BELOW TO OUR DAILY FASHION AND WEEKLY BEAUTY NEWSLETTERS. Matalan offers warehouse staff option to stay at home, Boots bosses “encouraged” staff to work at Nottingham HQ despite Covid-19 cases, Poundstretcher to launch 50 new stores despite CVA proposals, Boots struggles to trade amid Covid-19 as store sales drop, Edinburgh Woollen Mill Group to shutter over 50 stores as landlords reject proposals, Amazon accused of breaking virus safety measures to ensure smooth Prime Day, BRC calls for early start to Christmas as Oxford St plans to turn on lights by Nov 2, Why Findability Is The Key To 5X Conversions. Picture: PA Images Matalan has been given the green light to reopen after government guidance changed on … We are extremely grateful to all of our colleagues for their huge efforts in caring for our customers and the business, and to our customers for their continued loyalty to Matalan.”. You have entered an incorrect email address! This was largely the result of heavy discounting of surplus seasonal stock brought out of the lockdown period. The remainder of Matalan’s stores reopened in June and have traded “well”, resulting in the company’s underlying sales performance …

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