company voluntary arrangement news and archive

Blue Inc appeals to creditors after filing for CVA

London - Struggling menswear retailer Blue Inc is said to have filed for a company voluntary arrangement (CVA), asking landlords and creditors to reduce its store rents and minimize its debut as part of a rescue deal. The CVA filed shows that Blue Inc aims to shut 33 of its 127 stores as part of its rescue plan, reported The Telegraph, as the...

Business

Beales agrees deal with landlords

Department store group Beales has been given a lifeline after its creditors voted in favour of the retailer’s company volunteer arrangement. Beales’ adviser, KPMG, said that 93 percent of creditors voted in favour of the plan that will reduce rents for 11 of its 29 stores, including stores in Rochdale, Bolton, Yeovil and Winchester. KPMG...

Business

Beales seeks rent cuts to avoid closures

Historic department store Beales has filed a company voluntary arrangement (CVA) to the landlords of 14 of its 35 stores to seek a rent reduction of 70 percent so that it can avoid closing the units. Beales claims that it has been hit in recent years by ‘legacy leases’ that it states no longer reflect market value and its proposed company...