(Alliance News) - Unbound Group PLC on Friday said it continues to explore the options available to maximise value for its shareholders, amid restructuring plan speculation.

Unbound is the parent company for a retail group selling a range of brands focused on the 55+ demographic, including Hotter Shoes.

In May, Unbound's stock reached a 12-month low of 2.51 as the firm launched a strategic review, including a formal sales process.

Since then, the stock has plummeted to lows of 2.55 pence, down 91% over the past 12 months. Shares in Unbound were down 7.3% on Friday afternoon.

The review is to explore its strategic options, and could include a full sale of the company.

At the time, Unbound had warned a temporary working capital shortfall could arise in September and October this year. It also said that it will continue to work with its advisers and banking partners to raise additional funds or refinance its current facilities.

On Friday, Unbound noted press speculation over its restructuring plans.

On Thursday, after market close, Sky News reported that the company is exploring whether to seek court approval for a restructuring plan.

"Sky News has learnt that London-listed Unbound Group has asked its advisers at Interpath to commence preparations for a restructuring plan - which would require court approval - allowing it to shed some of its liabilities," the news outlet said.

"The talks were described by one source as 'contingency planning' on Thursday, although they acknowledged that such an outcome was becoming increasingly realistic."

Unbound said that, in line with its review, the company's advisers continue to explore the options available to maximise value for its shareholders.

"The board will continue to provide further updates as appropriate," Unbound said.

By Sophie Rose, Alliance News reporter

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