Ann Summers has launched a company voluntary arrangement (CVA) in a bid to move its stores to a turnover-based rent model.
The company said the CVA will only affect the 25 of its 91 stores it was unable to agree revised rent terms for with landlords. The brand has called in FRP Advisory to oversee the process.
CEO Jacqueline Gold said: “Ann Summers has a bright future but if the business is to fulfil its potential and prosper in the post-Covid trading environment, we need to align our property costs so they reflect the challenges facing today’s high street.
“I’m grateful to the majority of our landlords who have worked constructively with us to agree sensible terms on the vast majority of our stores, and these landlords will not be affected by the CVA.”