UK’s Stoddard in Emergency Refinancing Negotiation

Kilmarnock, Scotland, December 27– Five hundred jobs in the west of Scotland were put under threat on Christmas Eve when Stoddard International announced that it was in emergency negotiations with its bankers for short-term funding, according to the Times Online.

In a stock exchange statement, the company said: “The board is working toward a full refinancing of the company. At the present time the board cannot be certain that such a refinancing will be possible.” Stoddard, which is Scotland’s oldest carpet-maker, has closed two factories in recent years.