RFG faces uphill battle to reduce debt

Retail Food Group has racked up losses of more than half a billion dollars in the past 18 months; its market capitalisation has fallen below $50 million; and directors have been attempting to sell assets in a bid to reduce debt to satisfy bankers and ensure the company can continue to trade. The problem is that most of the assets have little value in real terms and, in some instances, carry significant liabilities in respect of store lease commitments, exit costs on unprofitable and unfranchised

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