// Select reportedly looking to launch yet another CVA
// It would be its 3rd CVA since 2018
// Select is expected to submit the CVA proposals for a vote this month
Select is reportedly planning the launch of a third CVA in as many years to slash rent amid the coronavirus pandemic.
According to The Telegraph, the fashion retailer is working with advisors from Howard Kennedy to secure rent cuts, after it reportedly failed to pay rent since Covid-19 struck.
If the CVA eventuates, it would be the third one for Select after it launched its first CVA in 2018 and another one last year.
- Select full-year profits fail to offset £61m loss
- Select creditors owed over £53m following administration
- Select secures 87% creditor approval for 2nd CVA
The 2019 CVA came after Select fell into administration, and led to deal to keep its 169 stores open and save 1800 jobs.
However, the terms of that CVA with creditors was automatically terminated in May after a landlord demanded payment.
Select’s first CVA in 2018 led to rent cuts of up to 75 per cent and save 2000 jobs.
The retailer is reportedly set to submit new CVA proposals for a creditors’ vote this month.