Tag : CVA
Mothercare collapse lays bare limits of CVA Subscription
Mothercare’s decision to appoint administrators to its UK operation has “come as no surprise”, as it has been unable to restructure the business fast enough to cope with changing retail trends, industry experts have told Drapers.
Select back in the black Subscription
Operating profit at womenswear chain Select was £2m in the year to 2 December 2018, compared to a loss of £15.5m in the 18 months to 2 December 2017.
Debenhams reveals Eastbourne store closure dateSubscription
Debenhams has announced it will close the doors to its Eastbourne branch by 24 January 2020, as part of its company voluntary arrangement.
Debenhams secures new cash injectionSubscription
Department store chain Debenhams has received a £50m in financing from “certain of its existing lenders”.
British Land has agreed to withdraw its legal challenge to Monsoon Accessorize’s company voluntary arrangement, paving the way for rent reductions of up to 65% across more than half of the retailer’s stores.
Sir Philip Green is reportedly splitting up Arcadia Group into separate brands in the hope of selling them “over time”.
Debenhams prepares for legal battleSubscription
Debenhams has reportedly lined up professional services firm Deloitte over fears that it may lose its legal battle relating to its restructuring plan, which launches today.
Two US landlords, Vornado and Caruso, have withdrawn their legal challenges against Arcadia Group’s company voluntary arrangements.
Arcadia close to deal with US landlordsSubscription
Sir Philip Green is reported to be close to a resolution of the legal challenges brought against his Arcadia Group’s company voluntary arrangement by two US landlords.
New Look: half a century in fast fashionSubscription
50 years in business
Sports Direct drops Debenhams CVA challengeSubscription
Sports Direct has dropped its challenge against Debenhams’ company voluntary arrangement, but will continue to fund that of property agent Combined Property Control Group (CPC).
Select creditors owed £53mSubscription
Fashion chain Select’s non-preferential creditors, including suppliers and landlords, are owed more than £53m, a report from administrator Quantuma has shown.
Debenhams CVA challenge withdrawnSubscription
Property investment company M&G Real Estate has withdrawn its legal challenge to Debenhams’ company voluntary arrangement, which was approved by creditors in May.
Monsoon Accessorize CVA vote resultSubscription
Monsoon Accessorize creditors have approved the retailer’s company voluntary arrangement, which asks for rent reductions of up to 65% across more than half of its stores.
Topshop Beauty shifts focus Subscription
Topshop has had a change in direction for its beauty range, as it moves away from retail and begins to wholesale its products with etailers Very and Zalando, Drapers understands.
Comment: The use of CVAs needs greater scrutinySubscription
Company voluntary arrangements must be bound by stricter rules, says Ed Cooke, chief executive of commercial property body Revo.
Intu hit hardest by Monsoon CVASubscription
Ailing shopping centre owner Intu faces the biggest threat from Monsoon Accessorize’s company voluntary arrangement.
American landlords question Arcadia debtSubscription
American landlords have questioned why Arcadia Group’s debts to certain suppliers fluctuated at the time of the second vote on the group’s company voluntary arrangement, potentially lessening landlords’ power to block it.
Landlords seek 30% equity in Monsoon Subscription
Landlords are seeking up to a 30% equity stake in Monsoon in return for backing any company voluntary arrangement (CVA) proposals, Drapers has learned.
The tough stance taken by some Arcadia Group landlords forced owner Sir Philip Green to invest more in the business to ensure the controversial company voluntary arrangement (CVA) passed, industry experts have claimed.
Suppliers split on Arcadia strategySubscription
Although Arcadia Group suppliers agree that yesterday’s approval of its company voluntary arrangement (CVA) was a “fantastic” result, they are divided over whether product or property is the cause of the retailer’s woes.
Select CVA details revealed Subscription
Womenswear chain Select has outlined the details of its latest company voluntary arrangement (CVA), which was approved earlier this week.
Select CVA given green lightSubscription
Womenswear chain Select’s company voluntary arrangement (CVA) has been approved, securing 1,800 jobs.
Monsoon delays CVASubscription
The founder of womenswear retailer Monsoon Accessorize is understood to have delayed plans to launch a company voluntary arrangement (CVA).
CVAs leave 850 empty shopsSubscription
More than 850 stores totalling 6 million sq ft of retail space has become vacant as a result of company voluntary arrangements (CVAs) in the past 18 months, new data from commercial property agency Colliers International has found.
Arcadia reveals stores to close under CVASubscription
Arcadia Group has proposed seven company voluntary arrangements (CVAs) across its companies, which if approved would result in 23 UK store closures and the closure of all eleven Topshop Topman stores in the US.
Landlords clash with Arcadia over restructuringSubscription
Landlords are dragging their heels over Arcadia Group’s restructuring and are calling for a “formal and transparent” company voluntary arrangement (CVA) proposal, industry sources have told Drapers.
Debenhams’ company voluntary arrangement (CVA) will heavily impact the public purse as “tightly stretched” local authorities across the UK will lose out on millions of pounds in business rates, real estate firm Colliers International has warned.
Landlords are likely to set a precedent with a hardball approach to Arcadia’s expected company voluntary arrangement (CVA), as they grow increasingly frustrated with retail restructurings, property sources have told Drapers.
Company administrations reach five-year high Subscription
The number of companies going into administration at the start of 2019 climbed to the highest level in five years, new research has found.
High street braced for surge of CVAsSubscription
High streets across the UK are preparing for a wave of store closures, as an onslaught of retail company voluntary arrangements (CVAs) looms.
Profits plummet at DebenhamsSubscription
Adjusted EBITDA at Debenhams dropped by 36.6% to £65.9m in the 26 weeks to 2 March, as a result of lower sales and a decline in gross margins.
Debenhams reveals stores to close under CVASubscription
Debenhams has proposed a company voluntary arrangement (CVA), which if approved would result in 22 store closures in early 2020.
The supply-chain tie-up with Chinese sourcing giant Li & Fung is a vote of confidence in the flagging retailer.
Landlords brace for possibility of Debenhams CVA Subscription
Landlords are readying themselves for a possible company voluntary arrangement (CVA) from Debenhams as the department store continues talks with property owners.
Debenhams inches closer to CVASubscription
Embattled department store Debenhams is reported to be moving closer to a company voluntary arrangement (CVA), as it holds talks with landlords and banks.
Fashion retail's highs and lows of 2018Subscription
As this year comes to a close and a new one approaches, Drapers recaps the twists and turns in the retail industry over the past 12 months
Foot clinic and comfort footwear retailer Shuropody has filed a notice of intention to appoint administrators, Drapers can reveal.
New Look to withdraw from ChinaSubscription
Young fashion retailer New Look is to shut down its Chinese operations, including all 120 stores it operates across the country.
KPMG owed £277k for House of Fraser CVASubscription
Accountancy firm KPMG has accrued losses of £277,533 after being paid just less than half the fees it was owed by House of Fraser for work on its company voluntary arrangement (CVA).
Retailers using CVAs to lower business ratesSubscription
Struggling retailers are turning to Company Voluntary Arrangements (CVAs) in order to lessen the strain of business rates.
Retail hit hardest by big business job losses Subscription
Brexit, online competition and a slew of Company Voluntary Arrangements (CVAs) have been blamed for a 50,000 drop in jobs at Britain’s largest businesses in the last six months, with the retail industry hardest hit.
New Look landlord Frogmore has warned that retailers are “taking advantage” of company voluntary arrangements (CVAs) to cut their rent bills.
Property owners are considering legal action against department store House of Fraser as it seeks to close 31 of its 59 stores in a company voluntary arrangement (CVA).
House of Fraser CVA revealedSubscription
House of Fraser proposes to close 31 of its 59 stores, affecting 6,000 staff, in its company voluntary arrangement (CVA) filed yesterday.
Lenders to the embattled department store House of Fraser are said to be demanding evidence that the retailer’s Chinese owner will invest fresh funding into the business.
Retail insolvencies jump 7% year on yearSubscription
The number of retailers entering insolvency has increased by 7% in the past year, research by law firm RPC shows.
Helen Dickinson, chief executive of the British Retail Consortium, tells Drapers how the government can ease the pressure on the high street.
Mothercare launches CVA as Newton-Jones returnsSubscription
Former Mothercare CEO Mark Newton-Jones is set to return to the retailer, as it announced the closure of 50 stores as part of a company voluntary arrangement (CVA).
Retailers have reiterated calls for government intervention to help the high street amid concerns regional towns will be left reeling from a wave of store closures.