The troubled owner of the Gloria Jeans and Donut King chains has been given a little over a year to get its balance sheet in order by its bankers after further writedowns on the values of its brands led to a $306.7 million loss for 2018.

Retail Food Group revealed on Friday it had struck a new deal with its bankers with some tightened conditions after impairments for its struggling suite of brands blew out to $402.9 million, from $138 million six months earlier.

Retail Food Group revealed on Friday it had again agreed to a new deal with its bankers. Credit:Gloria Jeans

RFG’s bankers at Westpac and National Australia Bank have brought forward the date by which the company has to refinance its debts to October 2019 from 2020 previously.

All proceeds from any assets sales will now have to go to paying off its debts, which at the end of June were $258.9 million.