Apricot, the women’s fashion retailer, has changed the lease agreements for the majority of its UK portfolio to turnover-based rents, according to Drapers.
The decision, which will impact 13 of the brand’s 14 UK stores, was reportedly given the green light on 15 January.
The move came as a result of a company voluntary agreement (CVA) by the firm, which was launched towards the end of 2020.
Despite the company’s need for rent reductions due to the ongoing Covid-19 crisis, there are reportedly no planned store closures.
Apricot’s portfolio currently includes 14 stores across the UK and Ireland, and one in the US.