// Dune hires advisors from KPMG to conduct a strategic review of the business
// It is also in talks with landlords about switching to turnover rent
// A CVA is on the cards depending on how these talks go
Dune is reportedly in talks with landlords about potential rent cuts, and this could potentially lead to a CVA depending on how the negotiations progress.
According to Sky News, the footwear retailer has drafted in advisors from KPMG to conduct a strategic review of the business.
The talks are reportedly centred around the possibility of switching Dune stores to a turnover-based rent model, and CVA could be launched depending on how these talks go.
“The trading environment continues to be extremely tough, and like many other high street retailers, we are reviewing all aspects of our business to ensure we’re in the best position possible to navigate our way through this difficult period,” Dune chief executive and founder Daniel Rubin said.
“We’ve had constructive dialogue with our landlords since the start of the pandemic, but we now need to engage with them further if we are to safeguard our future.
“To this end, we have appointed KPMG to review options specifically in relation to our property portfolio, and to assist us with our negotiations with stakeholders as we seek to manage our business through the months ahead.”
Dune operates from 43 standalone stores and employs around 1200 people.
It also has 175 concessions, but many of them have been affected by the administration and subsequent liquidation of Debenhams.