Troubled Carpetright scrambles to secure emergency funds

Carpetright is racing to secure emergency funding to pave the way for a
longer-term restructuring plan in the latest sign of the crisis engulfing Britain's high streets.

Sky News has learnt that the flooring chain, which trades from more than 400 shops
across the country, was working on Tuesday night to secure more than £10m from prospective lenders.

The talks could result in an agreement about new funding being announced as early as Wednesday,
according to sources close to the situation.

However, it was unclear what the consequences of a failure to attract the new money would be,
with people close to Carpetright playing down the possibility of it heading for administration.

Carpetright's hunt for financing comes less than three weeks after it said it was likely to
report a loss for the year ending April 28.

Last week, it was reported that the retailer was contemplating the closure of scores of stores under a mechanism called a Company Voluntary Arrangement (CVA).

The use of CVAs has become increasingly prevalent in recent months as retailers and other high street chains have sought to accelerate their restructuring efforts.

On Wednesday, New Look's creditors will vote on a proposal enabling it to close 60 shops and slash rents at many of its other outlets.

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