Vishal Retail 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 was 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.
