ASH. Adventure is in talks with its lenders about debt restructuring, De Tijd wrote on Friday. The debt-laden outdoor chain was hit amidships by the corona crisis.
Due to the shop closings during the first closure, A.S. Adventure sales by a third in the first five months of the year. The chain with 195 branches in Europe, including 50 in Belgium, suffered a recurring operating loss (Rebitda) of 4.9 million euros during this period. There have been improvements since then. A number of measures have also been taken, such as discounts on rent. However, sales in 2020 will be a quarter lower than in the previous year (600 million euros).
The chain is also caught in an enormous mountain of debt. In this area she is in the danger zone. To get out of this situation, she is negotiating with her creditors and the owner PAI, a mutual fund. De Tijd believes this will result in a significant debt restructuring. A new capital injection from PAI is also possible.
The difficult situation is the result of the difficult year 2019 in which A.S. Adventure had to restructure itself in Great Britain and pulled the plug from the German McTrek. The record results in Belgium and Luxembourg and a strong performance in the Netherlands only partially offset this.