Marka, the retailer which started restructuring its business earlier this year, after failing to turn a profit since its 2014 listing in Dubai, plans to sell under-performing assets, restructure its debt, and contain costs.
"Over the past few months Marka has restructured its divisions, exited under-performing businesses, and applied a strict cost control program across the company – and we expect to see positive outcomes from these activities during the remainder of 2017 and beyond," Khaled Bin Kalban, the company's chairman said in an e-mailed statement.
"The approval today by Marka's shareholders gives the board of directors and management team a clear mandate to continue with restructuring efforts in order to build a strong future for the company."
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Marka woes deepen as restructuring continues
Dubai retail group Marka names new chief executive
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Marka has accumulated losses of Dh361.3 million since 2014, the company said in a regulatory filing to Dubai Financial Market, where its shares are traded. .
The company has "taken steps to sell or close the vast majority of fashion and sport brands whilst also undertaking a significant reduction in overhead costs," according to the statement
In August, Marka reported deepening losses for the second quarter, with falling revenues compounded by rising expenses and impairments.
It said that losses for the three months to the end of June this year rose to Dh126m, compared with Dh17.9m in the same period last year, and Dh27.8m in the first quarter of the year.
The company booked a Dh55m property and equipment impairment for the second quarter of 2017, and saw general and administrative expenses more than double to Dh44.8m. Revenues meanwhile fell by about a third to Dh25.5m for the period .
Marka said its remaining debt obligations are in the process of being rescheduled, including talks related to interest repayment terms.
The company, which listed in September 2014, expanded rapidly into retail, food and beverage and children’s entertainment outlets, but has been caught out by falling disposable income.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Company%20Profile
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Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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India squad
Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Killing of Qassem Suleimani
UAE%20set%20for%20Scotland%20series
%3Cp%3EThe%20UAE%20will%20host%20Scotland%20for%20a%20three-match%20T20I%20series%20at%20the%20Dubai%20International%20Stadium%20next%20month.%3Cbr%3EThe%20two%20sides%20will%20start%20their%20Cricket%20World%20Cup%20League%202%20campaigns%20with%20a%20tri-series%20also%20involving%20Canada%2C%20starting%20on%20January%2029.%3Cbr%3EThat%20series%20will%20be%20followed%20by%20a%20bilateral%20T20%20series%20on%20March%2011%2C%2013%20and%2014.%3C%2Fp%3E%0A
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
more from Janine di Giovanni
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
