An Ann Summers spokesman said: “Like many retailers, Ann Summers has seen a significant shift in sales from stores to online since the onset of the pandemic, and we expect this trend to continue.
“We have had constructive conversations with many of our landlords to ensure our rental costs are appropriate for the new market conditions. However, this has not been the case with all landlords, which is why we are considering a CVA – which would only affect those stores where we have been unable to agree new terms.”
The retailer has around 100 stores in its portfolio.
It comes after the retailer hired property firm CWM last year to discuss options for its store portfolio and to assist it in negotiating with landlords for lower rents across its store estate. CWM has been advising on the CVA, Drapers understands.
One property source told Drapers: “Last year Ann Summers tried to re-gear its leases. It was all against the backdrop of a CVA as a last resort if they didn’t get help.”
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