EMBATTLED department store
The high street chain has ramped up discussions with landlords due to the coronavirus outbreak.
However, it has been forced to revise its turnaround plan due to the coronavirus pandemic, which has caused sales to plummet.
The new proposals could reportedly take the form of a company voluntary arrangement (CVA) — a controversial restructuring plan often chosen by retailers — which would be the department store chain's second in less than a year.
The high stret giant fell into the hands of its lenders in April last year, a consortium of banks and hedge funds led by
The
They are also said to be seeking a fivemonth rent and service charge holiday as part of the negotiations. Landlords appeared unwilling to accept the request, with one telling the broadcaster: "They're asking us to accept a deal on rent and service charge based on a percentage of the turnover but in reality, what they're offering would only just cover the service charge and a little bit of the rent."
(c) 2020 City A.M., source