Hostmore PLC (GB:MORE) has released an update.
Hostmore PLC has announced the ongoing sale process of its corporate stores with the aim to complete by the end of September, amidst financial challenges that involve the company filing for administration and suspending its ordinary shares listing. Despite efforts to turn around the company’s financial situation and the proposed acquisition of TGI Fridays, adverse macroeconomic conditions have thwarted the attempt to create shareholder value. The operational subsidiary Thursdays will continue to function as usual and the board plans to proceed with the delisting and winding up of Hostmore PLC in the interests of creditors and stakeholders.
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