ASOS Shares Dive Amidst Loan Covenant Renegotiation Talks

Troubled Fast-Fashion Retailer Faces Uncertain Future

Shares Plunge as ASOS Confirms Discussions with Lenders

Shares in British online fashion retailer ASOS have plummeted by over 20% in early trading on Monday after the company confirmed it is in talks with lenders to change the terms of a £350 million borrowing facility.

The news has sent shockwaves through the retail sector, with analysts expressing concerns about the company's financial health. ASOS has been struggling in recent months, with rising costs and supply chain disruptions taking a toll on its profitability.

The company's shares have lost more than half of their value in the past year, and the latest news is likely to further damage investor confidence.