Further to Press Comment
16 Juin 2008 - 8:01AM
UK Regulatory
RNS Number : 7380W
ScS Upholstery PLC
16 June 2008
For Immediate Release 15 June 2008
ScS Upholstery ("ScS" or "the Company")
Further to Press Comment
As has been widely reported the challenging retail conditions have had a negative impact throughout the furniture retailing sector.
Despite the previously announced downturn in sales, ScS's conservative financing structure was considered appropriate for prevailing trading
conditions. However, the unexpected and sudden withdrawal of credit insurance from the market, which has impacted us and other retailers,
has placed a strain on the working capital needs of our suppliers. We continue to trade with all our suppliers with whom we have a symbiotic
relationship and we are working to address their and therefore our, working capital requirements.
Currently we are cash positive with no net debt.
Following the announcement issued on 11 June, the Company and its advisors continue discussions with a number of external parties to
raise additional working capital.
For further information, please contact:
Nicola Cronk, Buchanan Communications
020 7466 5000
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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