Ann Summers wins rent deals but CVA remains on cards

Ann Summers CVA CEO Jacqueline Gold
95 Ann Summers stores remain secure
// Ann Summers wins rent deals on 95 stores but CVA remains on the cards
// 95 stores remain secure
// The remaining 5 branches may have to be put through a CVA

Ann Summers has won better property terms from landlords on most of its 100-store estate, though a CVA may be considered if property owners refuse to be more flexible.

The lingerie and sex toy retailer’s chief executive, Jacqueline Gold told Retail Week: “There has been a fundamental shift in the retail property market” and she, like other retail leaders, has been seeking lower rent as shopping habits change and amid tough trading conditions.”

Gold said she had been “really heartened by most of the conversations we’ve had with our landlords. The vast majority of them live in the real world and understand that circumstances have changed.”

This means Ann Summers’ 95 stores are secure, though the remaining five branches may have to be put through a CVA.

“We are certainly not asking for zero-rent deals like some retailers have – we want to agree on terms that allow us to continue our partnerships with these landlords for many years to come.

“We would be mad though, not to consider all options – including a CVA of that 5% of stores – because we cannot allow the future success of our business to be jeopardised by the handful of landlords who won’t come to the table,” Gold said.

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