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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.
Drapers has claimed that the CVA was set in motion after “landlords did not accept requests to renegotiate rents” at the beginning of the global pandemic.
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.
However, it also operates roughly 350 UK and Ireland concessions in high street shops such as Debenhams, Outfit, and New Look, as well as concessions across Europe.
