LONDON Fresh from filing Chapter 7 bankruptcy proceedings in the U.S., high-end furniture brand Oka is looking to strike a deal with creditors in the U.K. as it attempts to restructure the business.

The company said it has launched a company voluntary arrangement, or CVA, as part of a plan to reconfigure and reduce its cost base and restructure its balance sheet. Gavin Maher and Robert Fishman of Teneo Financial Advisory Limited have been appointed as joint nominees to the CVA.

Principals said the aim is for Oka to return to profitability, and secure its long-term future. Oka, like other retailers in the U.K., has had some difficult years due both to the COVID-19 pandemic and the cost-of-living crisis.