{"id":163605,"date":"2020-12-04T14:39:05","date_gmt":"2020-12-04T14:39:05","guid":{"rendered":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/"},"modified":"2021-08-06T12:09:24","modified_gmt":"2021-08-06T12:09:24","slug":"ann-summers-launches-restructuring-to-slash-rent-bill","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/","title":{"rendered":"Ann Summers launches restructuring to slash rent bill"},"content":{"rendered":"<p>Lingerie and sex toys retailer Ann Summers has launched a restructuring plan to <strong>cut rents at 25 of its stores.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>The <strong>high street chain, which runs 91 outlets,<\/strong> said it has already agreed revised rental terms on its other branches following discussions with landlords in recent months.<\/p>\n<p>However, it said it will <strong>now seek a Company Voluntary Arrangement (CVA) deal<\/strong> to move its remaining stores on to turnover-based rents.<\/p>\n<p>The chain said it will also <strong>aim to secure \u00a310m of new funding to drive its turnaround,<\/strong> if the CVA plan is approved by creditors.<\/p>\n<p>Ann Summers has <strong>drafted in experts from FRP Advisory<\/strong> to oversee the process and will need to secure approval from 75% of landlords at the vote later this month.<\/p>\n<p>Chief executive Jacqueline Gold said: \u201cAnn Summers has a bright future but, if the business is to fulfil its potential and prosper in the post-Covid trading environment, <strong>we need to align our property costs so they reflect the challenges facing today\u2019s high street.<\/strong><\/p>\n<p>\u201cI\u2019m <strong>grateful to the majority of our landlords who have worked constructively with us<\/strong> to agree sensible terms on the vast majority of our stores, and these landlords will not be affected by the CVA.<\/p>\n<p>\u201cWe continue to invest in our marketing, our product and our brand, and are <strong>seeking to protect as many stores and jobs as we can<\/strong> through this process.<\/p>\n<p>\u201cWe have successful and growing online and party plan businesses, and, once our store rents are aligned to market levels as a result of this process, we can approach the future with confidence.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":155226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[9979,16720,12674,9978],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ann Summers launches restructuring to slash rent bill - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Lingerie and sex toys retailer Ann Summers has launched a restructuring plan to cut rents at 25 of its stores. The high street chain, which runs 91\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ann Summers launches restructuring to slash rent bill - TheIndustry.fashion\" \/>\n<meta property=\"og:description\" content=\"Lingerie and sex toys retailer Ann Summers has launched a restructuring plan to cut rents at 25 of its stores. The high street chain, which runs 91\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/\" \/>\n<meta property=\"og:site_name\" content=\"TheIndustry.fashion\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theindustryfashion\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-04T14:39:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-06T12:09:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/featureimage-copy-2-53-scaled-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1520\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"TheIndustry.fashion\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:site\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"TheIndustry.fashion\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/\"},\"author\":{\"name\":\"TheIndustry.fashion\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/1e694ebd9d1ca2c1b0b08c13d8160c35\"},\"headline\":\"Ann Summers launches restructuring to slash rent bill\",\"datePublished\":\"2020-12-04T14:39:05+00:00\",\"dateModified\":\"2021-08-06T12:09:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/\"},\"wordCount\":269,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"keywords\":[\"Ann Summers\",\"FRP A\",\"FRP Advisory\",\"Jacqueline Gold\"],\"articleSection\":{\"0\":\"COVID-19\",\"2\":\"Finance\",\"4\":\"News &amp; Insight\",\"5\":\"Retail &amp; Etail\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/\",\"url\":\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/\",\"name\":\"Ann Summers launches restructuring to slash rent bill - TheIndustry.fashion\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#website\"},\"datePublished\":\"2020-12-04T14:39:05+00:00\",\"dateModified\":\"2021-08-06T12:09:24+00:00\",\"description\":\"Lingerie and sex toys retailer Ann Summers has launched a restructuring plan to cut rents at 25 of its stores. The high street chain, which runs 91\",\"breadcrumb\":{\"@id\":\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.theindustry.fashion\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Ann Summers launches restructuring to slash rent bill\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.theindustry.fashion\/#website\",\"url\":\"https:\/\/www.theindustry.fashion\/\",\"name\":\"TheIndustry.fashion\",\"description\":\"Fashion news, insights, podcasts and events for professionals from across the fashion sector.\",\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.theindustry.fashion\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\",\"name\":\"TheIndustry.fashion\",\"url\":\"https:\/\/www.theindustry.fashion\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png\",\"contentUrl\":\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png\",\"width\":585,\"height\":217,\"caption\":\"TheIndustry.fashion\"},\"image\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/theindustryfashion\/\",\"https:\/\/twitter.com\/theindustryfash\",\"https:\/\/www.instagram.com\/theindustryfashion\/\",\"https:\/\/www.linkedin.com\/company\/10970016\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/1e694ebd9d1ca2c1b0b08c13d8160c35\",\"name\":\"TheIndustry.fashion\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a4a921d975273dd89abbaa67292bf147?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a4a921d975273dd89abbaa67292bf147?s=96&d=mm&r=g\",\"caption\":\"TheIndustry.fashion\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ann Summers launches restructuring to slash rent bill - TheIndustry.fashion","description":"Lingerie and sex toys retailer Ann Summers has launched a restructuring plan to cut rents at 25 of its stores. The high street chain, which runs 91","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/","og_locale":"en_GB","og_type":"article","og_title":"Ann Summers launches restructuring to slash rent bill - TheIndustry.fashion","og_description":"Lingerie and sex toys retailer Ann Summers has launched a restructuring plan to cut rents at 25 of its stores. The high street chain, which runs 91","og_url":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/","og_site_name":"TheIndustry.fashion","article_publisher":"https:\/\/www.facebook.com\/theindustryfashion\/","article_published_time":"2020-12-04T14:39:05+00:00","article_modified_time":"2021-08-06T12:09:24+00:00","og_image":[{"width":1520,"height":1024,"url":"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/featureimage-copy-2-53-scaled-2.jpg","type":"image\/jpeg"}],"author":"TheIndustry.fashion","twitter_card":"summary_large_image","twitter_creator":"@theindustryfash","twitter_site":"@theindustryfash","twitter_misc":{"Written by":"TheIndustry.fashion","Estimated reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/#article","isPartOf":{"@id":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/"},"author":{"name":"TheIndustry.fashion","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/person\/1e694ebd9d1ca2c1b0b08c13d8160c35"},"headline":"Ann Summers launches restructuring to slash rent bill","datePublished":"2020-12-04T14:39:05+00:00","dateModified":"2021-08-06T12:09:24+00:00","mainEntityOfPage":{"@id":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/"},"wordCount":269,"commentCount":0,"publisher":{"@id":"https:\/\/www.theindustry.fashion\/#organization"},"keywords":["Ann Summers","FRP A","FRP Advisory","Jacqueline Gold"],"articleSection":{"0":"COVID-19","2":"Finance","4":"News &amp; Insight","5":"Retail &amp; Etail"},"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/#respond"]}],"copyrightYear":"2020","copyrightHolder":{"@id":"https:\/\/www.theindustry.fashion\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/","url":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/","name":"Ann Summers launches restructuring to slash rent bill - TheIndustry.fashion","isPartOf":{"@id":"https:\/\/www.theindustry.fashion\/#website"},"datePublished":"2020-12-04T14:39:05+00:00","dateModified":"2021-08-06T12:09:24+00:00","description":"Lingerie and sex toys retailer Ann Summers has launched a restructuring plan to cut rents at 25 of its stores. The high street chain, which runs 91","breadcrumb":{"@id":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.theindustry.fashion\/ann-summers-launches-restructuring-to-slash-rent-bill\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.theindustry.fashion\/"},{"@type":"ListItem","position":2,"name":"Ann Summers launches restructuring to slash rent bill"}]},{"@type":"WebSite","@id":"https:\/\/www.theindustry.fashion\/#website","url":"https:\/\/www.theindustry.fashion\/","name":"TheIndustry.fashion","description":"Fashion news, insights, podcasts and events for professionals from across the fashion sector.","publisher":{"@id":"https:\/\/www.theindustry.fashion\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.theindustry.fashion\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.theindustry.fashion\/#organization","name":"TheIndustry.fashion","url":"https:\/\/www.theindustry.fashion\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/","url":"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png","contentUrl":"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png","width":585,"height":217,"caption":"TheIndustry.fashion"},"image":{"@id":"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/theindustryfashion\/","https:\/\/twitter.com\/theindustryfash","https:\/\/www.instagram.com\/theindustryfashion\/","https:\/\/www.linkedin.com\/company\/10970016\/"]},{"@type":"Person","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/person\/1e694ebd9d1ca2c1b0b08c13d8160c35","name":"TheIndustry.fashion","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a4a921d975273dd89abbaa67292bf147?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a4a921d975273dd89abbaa67292bf147?s=96&d=mm&r=g","caption":"TheIndustry.fashion"}}]}},"_links":{"self":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/posts\/163605"}],"collection":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/users\/68"}],"replies":[{"embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/comments?post=163605"}],"version-history":[{"count":0,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/posts\/163605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/media\/155226"}],"wp:attachment":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/media?parent=163605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/categories?post=163605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/tags?post=163605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}