Ann Summers’ company voluntary arrangement (CVA), which it had launched earlier this month, has now got approval from 90 per cent of its creditors.
Also Read: British lingerie retailer Ann Summers launches CVA
Approval means that 25 of its UK stores will now be switching to turnover-based rent model.
It is worth noting here that 66 of Ann Summers’ remaining stores in the UK are not going to be impacted by the CVA as terms had been revised already.
Notably, no stores will be shut down permanently and consequently there won’t be any job losses.
The CVA approval would also enable the British lingerie retailer to get an additional funding of up to £10 million from the Gold Family for business turnaround and for financing growth plans.
Thanking both the suppliers and landlords for their constant support in these tough times, Jacqueline Gold, Chief Executive, Ann Summers, said that despite ongoing effects of the pandemic, the retailer will now be able to look at the future with cautious optimism.
Jacqueline expressed confidence that, with store costs now largely rebased, Ann Summers will not only continue to grow digitally, but also will see its physical stores doing well once situation becomes normal.
Currently in its 50th year, Ann Summers generated £109.96 million in 2018.
