Apricot, the British clothing brand, has got approval from creditors for its company voluntary arrangement (CVA). The CVA was approved late last week.
Following the approval, the fashion brand has shifted most of its UK stores to turnover-based rent model.
The brand will now be moving 13 of its 14 standalone stores in the UK to turnover-based rental agreements. However, there is no information regarding any store closures.
Apricot had launched CVA at the end of last year following landlords’ refusal to renegotiate rents at a time when the retail world was hit again by pandemic and subsequent store closures.
The clothing retailer has been advised by GCW property firm in this regard.
It will be interesting to see what further developments take place at Apricot following the CVA approval. We will keep you updated.
In addition to having 14 stores in the UK and 1 in the US, Apricot has more than 800 concessions in the UK, Ireland, Germany, Italy, Austria and Canada, amongst others.