British lingerie retailer Ann Summers has threatened its landlords with store closures if they don't agree to rent cuts
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Lingerie and sex toy retailer Ann Summers may have to close unprofitable stores and reduce its rents following unsucessful negotiations with some of its landlords.
The lingerie retailer lost $21.34 million in the year to June 2019, but Gold is optimistic about results in 2020 after lingerie sales rose during lockdown.Lingerie and sex toy retailer Ann Summers has said it may be forced to restructure its rental agreements and close stores, amid disputes with its landlords and rising losses.
CVAs allow insolvent companies to pay debts to creditors over a fixed period, improving their cash flow., Gold said that while many landlords of the company's 90 UK stores have been open to negotiations, "some continue to bury their heads in the sand." If the company doesn't can't reach an agreement with landlords, "the only way a retailer is able to resolve the situation is to undertake a CVA," Gold added.
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