The textile discounter Takko Fashion announced on Tuesday that it had “agreed on a new capital structure with its previous shareholder, the fund advised by Apax, the bondholders and the financing banks”. “As part of the transaction, Takko Fashion’s current bondholders will take a majority stake in the company,” the retailer said.
The solution that has now been found, which is still “subject to certain closing conditions and the usual official approvals”, would “reduce the liabilities by more than EUR 250 million” and “extend the company’s loan terms until 2026,” said Takko Fashion.
CEO Tjeerd Jegen thanked the financial investor Apax “for their support in recent years” and emphasized the advantages of the future constellation: “Thanks to the new capital structure and reduced debt, we can now invest in the future of the company and our strategic priorities even more consistently implement,” he said in a statement. “We look forward to working with our new shareholders who, with their experience in the textile industry, will help us to further develop and strengthen our business across Europe.”