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Luxury goods brand, Aspinal of London, has agreed a company voluntary arrangement (CVA) approved by its creditors, thus permanently closing all 10 of its stores.
According to Drapers, the decision was agreed upon “comfortably” with 75% of creditors giving the green light.
None of the company’s 10 stores have reopened since the Covid-19 lockdown was lifted on 15 June.
Aspinal was founded in 2004 and currently employs over 300 staff across its stores. The firm also has an ecommerce operation and has concessions at Harrods and Selfridges, both of which will remain operational.
Will Wright, proposed nominee of the CVA and partner at KPMG, recognised there were a “number of challenges” created by “reduced footfall across high street stores”.
He added: “The CVA proposal provides Aspinal with a platform from which it can refocus its business on its core online and premium concessions channels, providing a solid and sustainable grounding for the future.”
Operating losses at Aspinal rose to £4m in 2019, compared with £1.7m the previous year.
