Nigel Oddy is new interim CEO of up-for-sale Matalan
Oddy will start in early October, just a few months after leaving his role at New Look, and has a big job on his plate as he leads a company that’s facing intense competition and a spending slowdown.
Matalan said his focus will be the delivery of its existing growth strategy; driving performance in the core business; building and developing its omnichannel capabilities further; unlocking and delivering new growth opportunities; and repositioning the brand.
But after helping to turn around New Look, he’s clearly used to tough tasks such as those.
Matalan put itself up for sale as part of its need to cut debt and strengthen its finances and founder John Hargreaves is a likely bidder. He returned as chairman in July but will step down from that role to take part in the bidding process. Tim Isaacs, senior non-executive director, will become interim chairman in his place.
Having set up the business nearly 40 years ago, Hargreaves said he’ll be “instrumental in positioning the business for long-term success”.
The company also said it has reached agreement with the majority of its first lien secured noteholders on key terms of a “comprehensive recapitalisation”. This could see £200 million made available. Also, £350 million more in first lien secured notes due to mature in January should be extended by six months.
The retailer that’s based in Liverpool employs 11,000 people in 230 UK stores.
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