The creditors of menswear retailer Moss Bros have approved the proposed CVA put forward by the business in November.
The menswear retailer launched its CVA proposal last month after the business was “severely impacted” by the pandemic.
Auditing firm KPMG was hired by Moss Bros to oversee the potential restructuring.
Brian Brick, CEO of Moss Bros commented: “The approval of the CVA is an important milestone allowing us to reset the cost base of the business and to emerge from the pandemic on a sure financial footing. We are incredibly grateful to our Landlords and suppliers for their support in this process and proud of our employees for the way they have dealt with all that 2020 has thrown at them.
“We also recognise the backing of our new shareholders throughout the challenges of the takeover, pandemic and CVA process. We look forward to continuing to evolve our brand and ranges to serve all our customers, old and new, just as we have for so many years.
The vote saw more than 80 per cent of all voting creditors – and the majority of landlords – choosing to approve the CVA, surpassing the 75 per cent total required in order to pass the resolution.
Share