Paperchase is in talks with landlords about a store restructuring plan to reduce its shop bills by linking rent to store turnover.
The greeting cards retailer is proposing a new style of company voluntary arrangement (CVA) to its landlords, which it hopes would avoid drastic store closures but give the business more headroom by reducing its property costs.
At the same time, Paperchases advisers at KPMG are still holding talks with potential rescue buyers for the business. The sale process is understood to have attracted interest from turnaround firms.
It is unclear at this stage whether Paperchase will opt for a CVA or sale but the retailer is understood to have been encouraged by constructive…
Read the full article at: https://www.telegraph.co.uk/business/2019/02/10/paperchase-restructuring-plan-link-rent-turnover/