All Saints, the contemporary fashion retailer, will next week become the latest high street chain to demand steep rent cuts from its landlords as it fights to survive the coronavirus crisis.
Sky News has learnt that All Saints will launch a Company Voluntary Arrangement (CVA) on Tuesday that will seek rent reductions across its UK and US operations.
Headquartered in east London, the company has been owned by Lion Capital, the private equity firm, since 2011.
Lion, which counts Jimmy Choo and Cadbury-Schweppes among its past investments, has been examining options to support All Saints since the outbreak of the pandemic, and is said to have decided that a CVA for its UK and US subsidiaries represents the most viable choice.
Alvarez & Marsal, the professional services firm, is handling the process.
The launch of All Saints’ CVA is scheduled to take place the day after the government permits non-essential