Blacks Leisure, the troubled sportswear retailer, has had its Company Voluntary Arrangement (CVA) approved by its landlords at a creditors meeting today.
The CVA, which needed to be agreed by 75% of Blacks’ landlords, will allow Blacks to exit the leases of 89 of its stores. Blacks will still pay around 6 months rent for the closed stores out of a £7.25m compensation pot agreed with its banks earlier in the year. Blacks will able be liable for rates until leases run out or the units are let.
KPMG and Jones Lang LaSalle advised Blacks on the CVA process.
The proposal will now be put to shareholders at a separate meeting tomorrow.