21 September 2020
The Thai Leisure Group CVA (Company Voluntary Arrangement) was approved, securing 90 per cent support from creditors saving 650 jobs
Ian Leigh, MD of the Thai Leisure Group comments: ‘We are delighted to have just had our CVA approved. I would like to thank the landlords across our 20 sites and our bank Santander for their ongoing support of our company. I would like to thank our numerous suppliers for standing by us and all our loyal, hardworking employees. The CVA allows us to move forward to better times. For their expertise and support throughout the process we are grateful to the team at RSM - particularly Stephanie, Gordon and Damian.’
Bushell Investment Group has saved Aldo's UK arm.
The Birmingham-based investment firm has acquired the UK trade and assets of the shoes and accessories retailer, saving more than 50 jobs.
1 June 2020
The UK arm of Aldo has fallen into administration, with the impact of Covid-19 to blame.
Out of its 13 UK stores, five have been closed for good and the further eight are having its future explored by administrators from RSM.
The amount of jobs which will be affected is unclear at present.
Customers are still able to purchase Aldo footwear and accessories online, as well as in department chain stores: Selfridges, House of Fraser and Debenhams, when they re-open.
Aldo Group have stated the move being necessary due to the pressure certain factors caused on the Canadian footwear retailers UK operations. The impact of coronavirus, the historic profitability challenges and the unprecedented collapse in retail spending both in the UK and globally are said to be factors.
‘’The Aldo Group continue to believe in the strength of its company and brands; Aldo will remain a global brand and still has a presence in [more than] 100 countries. The company will use the proceedings to restructure its business and build on its legacy in retail fashion in other jurisdictions, allowing to ensure the long-term stability of the company and its international business.’’
CEO of the group, David Bensadoun, stressed the difficulty in making the decision but said it was unavoidable. ‘’We thank our associates, customers and vendors in the UK for being a part of our story since 2002.’’
This comes after Aldo Group decided to file for protection under the Companies’ Creditors Arrangement Act in Canada at the start of May, and similar protection in the US and Switzerland. It also filed for administration in Ireland.
Non-UK Aldo stores will open again as per local government guidelines and public health restrictions allow.