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Aspinal of London’s company voluntary arrangement (CVA) has been approved by its creditors, resulting in the permanent closure of all 10 of its stores, Drapers can reveal.
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Aspinal of London is set to undergo a restructure after its creditors reportedly gave the green light for its CVA to go ahead.
According to Drapers, more than 75 per cent of the luxury retailer’s creditors voted in favour of its CVA proposal last week.
Aspinal of London trades from 10 stores across the UK, plus an online store and concessions with Harrods and Selfridges, and employs more than 300 workers.
It’s not exactly clear what the CVA would entail for the leather goods retailer, although they often involve store closures, rent renegotiations and/or job cuts.
Meanwhile, none of Aspinal of London’s 10 stores – all of which are located in city centre locations – have reopened after the coronavirus lockdown for non-essential retail was lifted in mid-June.
It follows reports in January that the retailer had drafted in KPMG advisers to review funding options, including a potential sale of the business.
When it launched its CVA proposal last…