Sixty UK, which trades the Miss Sixty and Energie stores and brands in the UK, has been rescued from administration via a Company Voluntary Agreement (CVA).
The CVA, which is due to be completed next month, will save around 250 jobs at Sixty UK. The company’s wholesale division will be unaffected by the deal. However its store in Manchester has already been closed and its store in Liverpool will also close shortly as a result of the CVA.
Administrators at Vantis Business Recovery Services said that creditors and shareholders had agreed on a new business model to allow the business to continue to trade profitably.
Administrator and CVA supervisor Peter Hollis said: “The CVA will enable all trade creditors to be paid in full immediately and landlords have separately agreed differing terms going forward, with all rents being brought up to date. The business will be handed back to the directors whilst I, as supervisor, will oversee that the terms of the CVA are adhered to.”
“This is a good news story on an otherwise gloomy high street. It is a triumph for sensible attitudes and strong, reasonable negotiations. Through proper dialogue with stakeholders and management, we have been able to develop a robust trading strategy, while Sixty UK operations continued uninterrupted.”
“It is my hope that this will prove a milestone in the processes used and outcomes achieved for the ailing retailing sector.”
Sixty UK went into administration last October. It had 12 stores and concessions.