// 13 of Apricot’s 14 standalone shops to switch to turnover-based rent following CVA approval
// The CVA does not include store closures
Apricot has reportedly switched the lease agreements across the majority of its UK stores to one that a turnover rent model.
According to Drapers, the fashion retailer made the switch to turnover-based rents after its CVA was given the green light by creditors last Friday.
The move will affect 13 of Apricot’s 14 standalone shops.
Store closures are not part of the CVA deal, nor are Apricot’s concessions.
Apricot’s CVA was launched at the end of 2020 after rent negotiations with landlords hit a brick wall.