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Lingerie maker Intimas plunged deeper into crisis today as trading in its shares was halted.
The company behind the Charnos Lingerie, Lepel, DM and Urban Nights brands has failed to secure new equity investment in time to publish its 2008 results by the end-of-June deadline, causing the suspension of its shares on Aim.
Intimas needs to win additional investment to receive the long-term support of its bank.
Chairman John Gibson said: "Talks are at a fairly delicate stage but I am hopeful that we will be successful."
He added that Intimas has got its knickers in a twist because of the recession and currency fluctuations: "Obviously consumers are cutting back but the trade is also de-stocking, and sterling has hit our raw material costs."
Intimas, which changed its name from Sherwood three years ago, ended its licence to design underwear and swimwear for upmarket clothing retailer Ted Baker this month, but Gibson said this accounted for less than 5% of sales.
The underwear group has put its staff on a four-day week and made a pre-tax loss of £1.65 million in the six months to the end of June last year.
