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Wednesday, 24 February 2010

Suits You Sir.

Suits You Sir! Close the stores you don't want!

Speciality Retail Group (SRG) received 98 per cent backing from landlords to a proposed company voluntary arrangement (CVA) for Suits You that will allow the retailer to pay a reduced rate for loss-making shops and close those that lose money.

We understadn that the CVA offered SRG’s landlords a 40 per cent reduction on rent at loss-making sites. Rent at the remaining stores will be paid on a monthly basis for 18 months.

With this CVA being mainly approved by landlords, it is another "bespoke" CVA looking to close dark stores.

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