Cotswold Outdoor owner launches CVA proposal
Outdoor & Cycle Concepts, the parent company of Cotswold Outdoor and Snow + Rock, has become the latest retailer to seek store closures and rent cuts via a company voluntary agreement (CVA).
Cycle Surgery and Runners Need, which operates 39 specialist stores offering activewear and shoes from brands including Adidas, Nike, Asics, Brooks, Mizuno and New Balance, are also part of the group.
The proposal has been presented to creditors in an attempt to trim the company’s 115-strong store estate as more and more consumers shift to online shopping.
Outdoor & Cycle Concepts, controlled by French private equity firm PAI Partners, blamed declining footfall on shopping streets for its struggling finances.
It follows news that department store group Debenhams is closing 22 stores next year as part of a CVA plan approved by its lenders at the end of last week.
A vote on Outdoor & Cycle Concepts’ CVA proposal is expected to take place on 13 May.
Jose Finch, managing director, said: “We have started to engage with key stakeholders, suppliers & property landlords to explore all options. It is vital that we make the right choices that will ensure we create a strong future together.
“The future of O&CC is in our hands and it will require hard work, commitment, sacrifices, and a strong focus on our day to day improvements.”
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