Vishal Retail today said its net loss for the quarter ended June 30, has gone down to Rs 19.47 crore as compared to a loss of Rs 90.65 crore in the same quarter last year.
Net sales, however, registered a jump of 26 per cent to Rs 334.63 crore during the quarter under review, as against Rs 265.37 crore in the corresponding period last year, the company said in a filing to the Bombay Stock Exchange.
The company said its accumulated losses as of March 31, 2010 were at Rs 426.90 crore, exceeding its net worth.
The beleaguered retailer is currently undergoing a corporate debt restructuring and in June had announced that it had signed a Memorandum of Understanding with private equity firm TPG.
It is reportedly closing in on finalising a deal with the private equity firm, wherein the lenders of the firm have agreed to hand over the reins of the cash-strapped retailer.
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