Outdoor & Cycle Concepts mooting CVA
It is coming to light that the parent company of Cotswold Outdoor, Runners Need, Snow+Rock and Cycle Surgery is one of the latest retailers to turn to a CVA process in order to close unprofitable stores and achieve new terms including rent reductions on 50 others. The CVA groundwork is understood to have been undertaken by Grant Thornton with the proposal due to be voted on by affected parties on May 13th.
CEO Greg Nieuwenhuys left the loss-making business in April and has yet to be replaced. Four stores have been earmarked for closure during the summer and three others would close immediately if the CVA is approved. The retailer is also looking to close its Dublin store. A raft of other cost reductions are under consideration.