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UK's Baird Group unveils CVA proposals

12
Aug '20
Pic: BAIRD GROUP
Pic: BAIRD GROUP
The Baird Group is the latest UK retailer to launch a company voluntary arrangement (CVA) proposal as the industry continues to tackle the impact of COVID-19. It has created a three-year plan to refocus on its core retail outlets Suit Direct and Ben Sherman to continue the growth of its wholesale operations, and further expand its online business, said group chief executive officer Mark Cotter.

The group has called in KPMG’s restructuring team to review options for the business.

Under the proposed CVA, 18 stores, one warehouse and one office will be closed and 264 employees will lose their jobs across retail and distribution, mainly those working at Debenhams concessions. A further 29 stores will see a reduction and phased rebuild of base rent, according to British media reports.

“The extraordinary circumstances that Baird has faced as a result of the global pandemic, coupled with the challenges presented to our business by the administration of Debenhams, prompted us to conduct a strategic review of options in order to safeguard the future of our business,” Cotter said in a statement.

“However, the board firmly believes that the CVA and the wider recovery plan will create a solid platform for a successful and sustainable business for many years to come for all our employees and stakeholders,” he was quoted as saying.

Fibre2Fashion News Desk (DS)


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