Select consider yet another CVA

Written by Robert Moore Marketing Manager 11 August 2020

Select consider yet another CVA

Fashion retailer, Select is said to be considering launching another company voluntary arrangement (CVA).

The Telegraph shared that advisors from Howard Kennedy are being worked with, to look at securing rent cuts after it was unable to pay its rent since Covid-19 struck.

If a CVA is used, it would become the third for the company since 2018.

The 2019 CVA deal involved the rescue of 1800 jobs and 169 stores, following its collapse. Terms of this CVA were then terminated in May after a landlord demanded payment.

Its 2018 the CVA saved 2000 jobs and resulted in rent cuts of up to 75 per cent.

Rumours have it that new CVA proposals will be shared with creditors for a vote later this month.

Categories: Retail, CVA, What is a CVA or Company voluntary arrangement?

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