Asos said to be considering hiring a restructuring expert

Asos is reportedly in discussions with its lenders regarding potentially hiring a restructuring expert to fill in for its chief financial officer.

Several informal discussions are said to have been held surrounding the position, however a decision is yet to be made according to Bloomberg.

It comes after the announcement that Asos’ current interim CFO Kay Mecklenburgh is set to exit the company in May 2023.

Asos’ lenders, Barclays, HSBC and Lloyds Banking Group, have hired AlixPartners and law firm Clifford Chance to advise the situation.

The retailer has faced a slew of issues over the past year, largely due to lowering consumer confidence and supply chain disruptions.

For the year to August 31, Asos reported an operating loss of nearly 10 million pounds, resulting in its newly appointed CEO José Antonio Ramos Calamonte to introduce a restructuring strategy that ultimately aims to “simplify the business”.

Following the announcement, Asos said it would be cutting 100 head office jobs as part of the cost-saving 12 month plan.

Additionally, in October, the retailer successfully renegotiated the terms of a 350 million pound revolving credit facility, with an extension lasting until 2024.