Boohoo Faces Deepening Financial Woes as Losses Mount and Sales Decline

The fast fashion giant struggles with increased debt, job cuts, and declining market value amid tough economic conditions and rising competition.

Boohoo reports a significant increase in annual losses to £160 million, with sales dropping by 13% as it grapples with intense competition and a shift back to brick-and-mortar shopping.
The company has accumulated a net debt of £95 million, a stark reversal from its previous cash-positive position, reflecting its current financial strain.
Over 1,000 jobs have been slashed in response to the downturn, highlighting the severe impact on its workforce.
Boohoo's share price continues to plummet, now valued at less than a tenth of its peak three years ago, underscoring investor concerns over its future.
Despite the challenges, Boohoo is focusing on strategic measures like automation and new warehouse openings in the US to stabilize and grow its business.