AllSaints to launch CVA in order to achieve rent reductions
AllSaints is reportedly restructuring its business and is planning to launch a company voluntary arrangement (CVA) on Tuesday. The premium fashion retailer is aiming to attain rent reductions both in the UK and US.
Lion Capital, which owns the fashion brand, has reportedly been searching for new avenues for the business since the outbreak of Coronavirus.
AllSaints has over 250 shops in 26 countries and a large retail presence in Asia. In 2018, the retailer reported over half of the £331 million in sales came from outside of the UK market.
Furthermore it has been reported that only "a handful" of the brand's stores will shut and it aims to secure rent reductions.
AllSaints has nearly 40 standalone shops in the UK and a number of concessions in department stores, including a rapidly growing digital operation that represents more than 25% of its sales total.
The company has not yet released its sales figures for 2019.