Asos reportedly hires restructuring executive to aid turnaround

Asos is said to have appointed a senior restructuring executive to its finance department as it faces pressure from lenders about the current state of its balance sheet.

Scott Millar, a senior managing director at the consulting firm Ankura, has reportedly joined the struggling e-tailer’s team in a bid to support its discussions with a syndicate of lenders.

According to Sky News, a source close to the company said Millar would become interim director of finance projects, while others suggested he would play a role in strengthening its financial position.

Asos declined to comment on the situation, the publication said.

It comes just weeks after Asos reported a three percent drop in Christmas sales in line with its expectations, after which its CEO José Antonio Ramos Calamonte stated it would be “undertaking necessary strategic and operational changes” in order to build a more “relevant and competitive fashion business”.

Calamonte further noted that the company had “ample balance sheet flexibility”.

The retailer has struggled to find its footing post-pandemic, after it was hit with a series of management changes, pressure from inflation and various supply chain issues, resulting in a string of profit warnings.

As a result, Calamonte announced a series of schemes to attempt to bring the company back around, including plans to scale back on capital expenditure and simplify the business.