Michael Hill secures debt extension

Michael HillJewellery retailer Michael Hill has secured an extension of its core debt facilities with ANZ.

The key variation in the Amendment and Restatement Deed is an extension of the maturity date for the multi-option facility to 30 September 2021.

The facilities of the deed comprise of a varying limit, from $70 million to $110 million, with the revised maturity date; and operational facilities with a combined limit of approximately $20 million, subject to annual reviews.

The revised deed comes just a week after the jewellery retailer announced it would be winding up its struggling Emma & Roe brand to instead refocus resources on its core Michael Hill business.

Six stores and an e-commerce platform will be shut down in the closure, following on from the 24 stores already closed since March.

Australian operations have been struggling for some time, with same-store sales declining 0.3 per cent for the nine months to 31 March, causing the company to miss its revenue targets in fiscal 17 – leading to a $6.9 million loss.

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