Covid forces Bendon owner to renegotiate BNZ loan

Tue, 20 Oct 2020

The owner of Auckland-based lingerie retailer Bendon said it is negotiating with its banker for further relief as covid-19 has meant its breached its banking covenants.Naked Brand Group says covid-19 has had a significant impact on cash flow and it has already received $2 million in wage subsidies from the New Zealand government and $700,000 from the Australian programme.The Nasdaq listed company already owes BNZ $16.5 million, and renegotiated an additional $1.345 million facility earlier this year.The firm has said it would pay back $7 millio...

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