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Fashion chain Jigsaw has confirmed its proposed CVA approved by its creditors which will see 13 of its stores close and others move to a turnover-based rent system.
In addition, around 41 of its stores will also see its rent switch to a turnover-based system.
The news comes after reports last month that the womenswear retailer was set to take action after it brought in auditing firm KPMG to look at rent negotiations with landlords.
A spokesperson for Jigsaw said: “We are pleased that the proposal has been accepted by the majority of our creditors. The arrangement puts the company on solid footing moving forwards, and allows us to execute our turnaround strategy by refocusing the company on its core business as a women’s British Heritage brand, in what is our 50th year anniversary.”
Will Wright, partner at KPMG and joint supervisor of the CVA said: “The successful CVA proposal ensures that the business is well-placed to trade in the current retail environment, and is an important step in the company’s wider review of its operations.”
Jigsaw currently operates 74 stores and employs around 900 people in the UK.
