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.
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.