UK: Iceland to outline recovery strategy - opts for sale and leaseback
The Big Food Group - the beleaguered UK frozen food retailer formerly known as Iceland - is reported to have rejected the possibility of a rights issue in favour of sale-and-leaseback and debt restructuring to underpin its recovery strategy. According to weekend newspaper reports, chief executive Bill Grimsey and his management team will later this week unveil the small print of a survival masterplan aimed at rescuing the group, which saw vital Christmas sales decline 4.2% while rival retailers reported healthy consumer spending. The Big Food Group's share price, which hovered briefly around the 200p mark last summer, is now sluggish at 135p, and analysts and investors are hungry for some positive news.
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