McColl's Retail Group is set to have its shares suspended from the London Stock Exchange, as it is unable to get its accounts signed off by auditors in time.
The struggling convenience store chain confirmed that it will not be in a position to publish its annual report for the year ended 28 November 2021 by the end of May, as originally intended.
A statement explained that the delay reflects the need for a conclusion to discussions with key stakeholders around a potential financing solution for the business, in order to finalise audited financial statements.
"As these discussions remain ongoing, the board has concluded there is now insufficient time in order to meet the current deadline for filing these results under the listing rules."
As the end of May is the latest time permitted for publication of results under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, and the Listing Rules, the company is expecting to request that its listing of ordinary shares will be temporarily suspended on 1 June.
The retail chain has been in discussions with potential lenders to shore up the business, which struggled badly during the pandemic due to supply chain issues, inflation and a heavy debt burden.
Shares in the company had already plunged as it reported last month that talks with its lenders and banks would likely leave shareholders empty-handed under rescue efforts.
McColl's has an estate of over 1,100 managed convenience stores and newsagents. It operates McColl's and Morrisons Daily branded convenience stores, as well as newsagents branded Martin's across the UK, except in Scotland, where the heritage brand, RS McColl, is used.
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