Retail landlord British Land has reportedly dropped its legal challenge to Monsoon’s Company Voluntary Arrangement (CVA).
According to Sky News, the property company which owns five of Monsoon Accessorize’s shops, has agreed to withdraw its challenge to Monsoon’s restructuring plan.
The move clears the way for the fashion retailer to slash rents on its stores by between 25 and 65 per cent across around half of its 258 stores.
British Land was reported to have raised objections to some elements of the CVA proposals approved in July.
Unlike CVAs planned by its fellow High Street retailers, Monsoon Accessorize currently does not have plans to close any of its 258 stores as part of the financial restructuring.
However, more than 40 stores have been closed in previous years.
Latest News
-
Aldi commits £370m to 16 new UK stores
-
M&S raids Woolworths for new chief digital and technology officer
-
Tesco to roll out electronic shelf labels across all stores
-
Poundstretcher secures court approval for restructuring plan
-
Walmart expands online marketplace offering for customers in Mexico
-
Debenhams Group agrees sublease of US distribution centre, cutting liabilities
From CapEx to AI: Understanding the evolving cost structure of retail technology
This Retail Systems webinar, sponsored by Aptos, brings together leading voices from across the retail technology ecosystem to examine how modern PoS has transformed the cost ownership model – and how the emergence of agentic commerce is poised to rewrite the rules once again.
Beyond Channels: Redefining retail with Unified Commerce
This Retail Systems fireside chat with Nikki Baird, Vice President, Strategy & Product at Aptos will explore how unified commerce strategies enable retailers to tear down these barriers and unlock new levels of operational agility and customer satisfaction.
© 2024 Perspective Publishing Privacy & Cookies
Recent Stories