The Baird Group, which is a licensee holder of Ben Sherman and Suit Direct, has confirmed the launch of CVA!
CVA, or company voluntary arrangement, proposal calls for closure of 18 stores thereby hitting jobs of 264 people.
The Group has been closely working with KPMG’s restructuring practice to study every possible option to address the challenges posed by the deadly pandemic.
The Board of the Group has drawn up a recovery plan, which – subject to CVA’s approval – will provide the former with a sustainable platform for its main business units.
The CVA divides the firm’s store portfolio into 2 groups. While 29 stores will see a reduction and phased rebuild of base rent, another 18 stores, an office and a warehouse will immediately shut down once CVA comes into effect.
And when that happens 264 jobs are going to be hit – especially those servicing Debenhams business!
Here it is important to state that the Baird Group has been calling for CVA not only to combat the pandemic crisis but also, because of administration of Debenhams.
The CVA proposal, reportedly, would need approval from at least 75 per cent of creditors, who will vote today (10 August). The group now intends to focus more on its main retail outlets Ben Sherman and Suit Direct.
Notably, the Baird Group operates the tailoring concession at Debenhams stores and digital platform; these brands include Racing Green, Ben Sherman, Jeff Banks, Hammond & Co, Occasions and The Collection.
Started back in 1894, the Baird Group is a part of Egypt-based Arafa Group and is known for luxurywear, casualwear and formalwear. It has more than 1,000 employees.