Ciro Citterio creditors opt for CVA

Creditors of menswear retailer Ciro Citterio, which went to into administration in September, have agreed to a Company Voluntary Arrangement.

The move was supported by 84 per cent of creditors. The CVA follows the purchase of the chain by Hilco UK, which placed it in administration.

Hilco will now put a further£1.45 million into the business for the benefit of creditors and is convinced Ciro, which lost nearly£10 million last year, can return to profit within two years.

It is hoped that the retailer can be brought out of administration later this month and 'move forward with ongoing structural changes'.