Ann Summers seeks rent reductions
Ann Summers is one of a growing number of high street retail chains to turn to property consultants in order to renegotiate lower rents with its landlords without actioning a CVA process. It has called in CWM to review its portfolio of 106 stores as well a advise on new locations.
The lingerie and adult product retailer posted an operating loss of £3.16 million in its most recently filed accounts, for the year to 30 June 2018. It had generated sales of £109.96 million. The business cited higher sourcing costs, business taxes and investment in the brand as factors which had reduced its margins. A spokesperson is reported to have said: "As a leading retailer operating the current retail climate we are constantly striving to secure the most cost effective and responsible ways of working."