// AllSaints launches CVA after creditors’ approval
// 93% creditors backed the plans – way above the 75% required threshold
AllSaints has had its CVA proposals approved by over the required 75 per cent of creditors as it seeks to “ensure the long-term viability” of its business.
The fashion retailer said that CVAs of All Saints Retail Limited and subsidiary AllSaints USA Limited gained ”majorities significantly above the required threshold of 75 per cent” after creditors backed the plans by 93 per cent.
Last month, AllSaints announced the launch of a CVA proposal that aimed to see a major restructure of its store portfolio in the UK and the US.
The retailer put forward a proposal to its landlords that would have seen most of its 41 stores in the UK and 42 stores in North America move to turnover-rent.
”I would like to express my sincere gratitude to our teams, suppliers and other partners around the world for their overwhelming support during this process,” AllSaints chief executive Peter Wood said.
”We are also delighted that the majority of our landlords across the UK, EU, US and Canada voted in favour of our proposals, and would like to thank them for their patience and understanding,” he said.
“The decision to launch the CVAs was not taken lightly, and this successful outcome will be instrumental in helping us to ensure the long-term viability of AllSaints.”