Aspinal of London’s CVA has received the approval of three-quarters of its creditors. The business had called in KPMG to help with its CVA proposal in September. At the time it had incurred increasing losses and had not re-opened any of its stores after lockdown measures were lifted. All stores will now be permanently closed affecting a significant percentage of its 300+ employees. It will, however, retain its concessions in Harrods and Selfridges and continue to develop its eCommerce business.
Will Wright, partner, KPMG had said last month: “Covid-19 has presented a number of challenges for those operating in retail and the luxury goods sector, not least the impact of reduced footfall across high street stores. If approved, the CVA proposal provides Aspinal with a platform from which it can refocus its business on its core online and premium concessions channels, providing a solid and sustainable grounding for the future.”