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La Senza considers restructure

Lingerie chain La Senza is reported to be considering plans to restructure its retail business in a move that would allow it to close or sell some of its poorly-performing stores.

According to reports in the Mail on Sunday, La Senza, which is owned by private equity firm Lion Capital, is understood to have already spoken to possible advisors about the plan, including restructuring specialists Hilco.

It is thought that the chain has been weighed down by leases agreed by sister chain Contessa, which merged with La Senza in 2007. However, according to some sources as many of 66 leases are still registered under the name Contessa which may allow Lion Capital to place any unwanted leases into Contessa and then sell the business on.

Sources have said that as many as a quarter of La Senza’s 180-strong store portfolio could be disposed of in this way.

Landlords are said to be expecting a number of retailers to come forward with similar plans over the coming weeks ahead of the due date for quarterly rent at the end of September.

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