Ann Summers has launched a restructuring plan to cut rents at 25 of its stores.
The high street chain, which runs 91 outlets, said it has already agreed revised rental terms on its other branches following discussions with landlords in recent months.
However, it said it will now seek a Company Voluntary Arrangement (CVA) deal to move its remaining stores on to turnover-based rents.
24th December 2020. See
article from expressandstar.com
Creditors of Ann Summers have approved a plan which would slash rents at
two dozen of its stores. The company said that 90% of votes had been cast in favour of its Company Voluntary Arrangement (CVA), which switches 25 of its stores onto turnover-base rents.
The firm had already agreed new rents with the landlords at
91 of its other branches, it confirmed earlier this week when announcing the plan. No jobs will be lost, or stores closed as part of the CVA.