Embattled fashion brand All Saints has become the latest retailer to launch a CVA with the hopes of shifting most of its stores over to turnover-based rents.
All Saints initially closed all its stores around the world amid the coronavirus pandemic and put in place measures to maximise online sales, halt discretionary spending and access available government support.
It has now begun to reopen stores with “significant uncertainty around customer appetite to travel and shop in-store”, and is trying to push through a CVA to keep the business secure.
If the proposal is successful, the majority of All Saints’ 41 UK and 42 North American stores would move to turnover-based rent. A small number of stores will also be closed.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.