Ann Summers CVA approved by creditors

Ann summers

Ann Summers has announced that its company voluntary arrangement (CVA) has been approved by creditors following a vote today.

The retailer said 90% of creditors approved the CVA at the vote today, which will see 25 of its stores move to turnover-based rental agreements.

Following the approval of the CVA, Ann Summers also said that £10m had been made available to the retailer to continue with its turnaround plans. 

The landlords of the 66 stores that had previously agreed turnover-based rent terms will not be affected by the current CVA and Ann Summers said no suppliers will be affected, nor will there be any job losses. 

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