Ann Summers is one of a growing number of high street retail chains to turn to property consultants in order to renegotiate lower rents with its landlords without actioning a CVA process. It has called in CWM to review its portfolio of 106 stores as well as advise on new locations.
The lingerie and adult product retailer posted an operating loss of £3.16 million in its most recently filed accounts, for the year to 30 June 2018. It had generated sales of £109.96 million. The business cited higher sourcing costs, business taxes and investment in the brand as factors which had reduced its margins. A spokesperson is reported to have said: “As a leading retailer operating the current retail climate we are constantly striving to secure the most cost effective and responsible ways of working.”
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