Company Voluntary Agreement

Arcadia amends CVA agreement to appease landlords

Retail company Arcadia has amended the rental reductions for the seven company voluntary agreement (CVA), which are needed for the company to restructure. The original CVAs requested between 35-70% rental reductions in 194 of Arcadia’s 556 locations in the UK and Ireland. However, after failing to reach agreements with certain…

Read More »

Monsoon delays CVA

Monsoon Accessorize is understood to have delayed its company voluntary agreement (CVA) after landlords failed to support Arcadia’s restructuring plans earlier this week. A number of landlords are said to have rejected Arcadia’s proposals, which involved rent cuts of up to 70% on 194 shops as they deemed it “too…

Read More »

Jobs and stores could go as Green considers Arcadia restructure

Sir Philip Green is preparing to unveil a company voluntary agreement (CVA) for Arcadia in a matter of weeks, Sky News has reported. The proposal could result in a number of job losses and store closures across its high street brands which include Topshop, Miss Selfridge, Dorothy Perkins and Warehouse.…

Read More »

Carpetright swings to £11.7m loss in H1 results

Embattled retailer Carpetright has reported losses before tax of £11.7m for 26 weeks ending 27 October 2018, compared with the £600,000 loss recorded during the same period last year. Group revenue decreased by 15.7% to £191.1m, and underlying EBITDA declined by £1.7m, compared with the profit of £8.6m recorded during…

Read More »

Blue Inc ‘close to administration’

Blue Inc is reportedly looking for a buyer to help the men’s fashion chain avoid falling into administration. The chain has appointed insolvency practitioners Begbies Traynor to sell the business and according to Sky News, sources said the retailer needed an immediate injection of capital in order for it to…

Read More »

Office Outlet to ask for three-year rent-free period in CVA

Stationery retail chain Office Outlet is expected to make a Company Voluntary Agreement (CVA) announcement today (Monday 18 August) in which it may seek a three-year rent-free period for its stores. The Sunday Times reported that Deloitte would be handling the company’s impending CVA and 20 of its stores may…

Read More »

House of Fraser CVA delayed by landlords

House of Fraser’s planned company voluntary agreement (CVA) has been delayed by landlords who have launched legal action, with representatives call the plans “unfairly prejudiced”. New House of Fraser owners C.Banner, filed an announcement with the Hong Kong stock exchange yesterday (26 July) explaining that the company would need additional…

Read More »

Poundworld to shutter all remaining stores

Poundworld will close all 190 remaining stores by 10 August after administrators Deloitte failed to find a buyer for the business at a price which satisfied them. A total of 2,339 staff will be affected in this final wave of store closures, and the firm announced yesterday that all distribution…

Read More »

Poundland founder prepares Poundworld bid after Chris Edwards pulls out

The founder of Poundland, Steve Smith, is preparing a bid for embattled rival Poundworld after Chris Edwards, the latter’s founder, withdrew his bid for the company. A Press Association release said Smith was in early-stage talks with Deloitte, however the administrators declined to comment when contacted by Retail Sector. Smith…

Read More »

Deloitte hits back at Poundworld founder over rescue bid row

Deloitte has hit back at accusations made by Poundworld founder Chris Edwards over the handling of the company’s administration. A statement circulated by Edwards yesterday said “the whole administration process has been handled badly” and he added if something doesn’t happen in the next few days, “the business will go…

Read More »