16 December 2020
More than 80% of Moss Bros' creditors have approved its CVA proposal, following a vote on Tuesday. This passes the 75 per cent needed for the CVA to go ahead.
Full details of the CVA are yet to be provided, including the impact on its 800 staff.
27 November 2020
3 months after hearing Moss Bros' interest in a potential CVA and it has been confirmed that a CVA proposal has been launched. No further details have been released, so how many staff or stores to be affected is unknown.
This CVA proposal aims to “restructure its fixed cost base” after trading was “severely impacted” by the unprecedented coronavirus pandemic. It is thought that by reducing rental costs the long-term future of the fashion retailer can be protected.
30 August 2020
Moss Bros has hired KPMG to prepare itself for a company voluntary arrangement (CVA), allowing it to close some of its 125 shops and reduce rent on those remaining.
The suit maker has been hit from Covid-19, due to restrictions on big events such as Royal Ascot and large weddings, which of course, drove in most of its sales.
1,000 jobs may be at risk.
The chain and KPMG both decline comment.