The Boohoo Group has declared that it has obtained “Lender Consent” from its bank lenders for the US $ 49.44 million it raised on 14th November.
The company’s latest financial statement showed a pre-tax loss of US $ 185.29 million for the six months ending 31st August 2024.
This occurs when the retailer and Frasers Boss Mike Ashley continue their battle. The retailer has been accused of “long-term mismanagement” that has resulted in “value destruction” by Frasers, which holds a 28% share in the company. Fraser’s accusations were deemed “inaccurate and unfair” by Boohoo in response.
Frasers is vying for board influence at Boohoo after Ashley’s request to become CEO was denied. It has even launched the website “Boohoo deserves better” in an attempt to gain control of the boardroom. In an open letter to Boohoo Group shareholders dated 21st November, Frasers Group urged Mike Ashley to succeed founder and executive chairman Mahmud Kamani.
