Company Voluntary Agreement

1,500 jobs at risk as Paperchase calls in administrators

Paperchase, the UK-based stationary store chain, has reportedly called in administrators due to a lack of sales caused by Covid-19.  A spokesperson confirmed to Retail Sector that a notice has now been filed to appoint administrators from PwC to oversee the administration.  It comes as reports show that during November…

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Clarks shareholders approve £100m LionRock Capital rescue deal

Clarks has announced that its shareholders have approved a financial rescue deal from a Hong Kong-based private equity company. LionRock Capital will invest £100m in the shoe retailer as part of a Company Voluntary Agreement (CVA). As a result of this new partnership, none of Clarks’ 320 stores will have…

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Pizza Hut to close 29 sites, 450 jobs cut

Pizza Hut has confirmed it is to close 29 sites as part of a Company Voluntary Agreement (CVA) that will see around 450 jobs lost.  Pizza Hut Restaurants revealed it is currently negotiating a CVA in order to “mitigate the financial impact of Covid-19”.  It said PHR is “one of…

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Forever 21 rescued by landlords in £62m deal

Two of Forever 21’s largest landlords have reportedly been given the go-ahead to acquire the company out of bankruptcy in a $80m (£62m) deal. According to The Times, a bankruptcy judge has approved the deal which will see Simon Property Group and Brookfield Property Partners link up with Sports Illustrated…

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Clintons saved from administration

Clintons has been saved from administration after the Weiss family regained control of the business through a new entity. Will Wright and Steve Absolom from KPMG, who were appointed joint administrators, sold the brand and its assets to Esquire Retail Limited – a holding company for the Weiss family. The…

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Clintons could close up to 66 stores

Greeting cards retailer, Clintons, has revealed plans to shut one in five of its UK stores, and is looking to find cheaper rent on over 200 of its shops. According to the Sunday Telegraph, Clintons is looking to close 66 of its 332 stores and also wishes for the rent…

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Mothercare appoints KPMG as advisers

Mothercare has appointed ‘Big Four’ accountancy firm KPMG as advisers to help assess its options for its embattled retail business. According to the Times, the decision comes as its chief executive Mark Newton-Jones has previously outlined plans to shift the UK side of the business into an independent franchise model,…

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Forever 21 files for bankruptcy, plans to axe up to 350 stores

US fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection and has announced plans to exit international markets in Asia and Europe. A Chapter 11 bankruptcy, similar to that of a Company Voluntary Agreement (CVA) in the UK, postpones a US company’s obligations to its creditors, giving it…

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Office appoints advisers amid CVA rumours

Footwear retailer Office has appointed advisers as it considers a potential restructuring of the business. According to Sky News, Office has appointed advisory firm Alvarez & Marsal (A&M) to help plan for a possible Company Voluntary Agreement (CVA) that could see the closure of around 100 UK stores. However sources…

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Pensions Regulator boss to face questions over Arcadia deal

The Pension Regulator (TPR) boss, Charles Counsell is set to appear in front of the Work and Pensions Committee, regarding the settlement with Arcadia boss Philip Green last month. The agreement, saw Green pledge an extra £25m per year to its company pension fund for three years, while in return…

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