As yet another major retailer launches a company voluntary arrangement (CVA), it may not just be landlords who are feeling hard done by. With increasing numbers of national retailers using CVAs as a means of securing more favorable lease terms, it seems likely that retailers who have not yet entered into a CVA may start considering their own options. With Next already requesting clauses in its leases which provide for a rental reduction where a neighboring retailer secures a rental reduction pursuant to a CVA it remains to be seen if other retailers will follow suit to seek concessions across their stores.
Office Outlet demands three-year rent-free period in latest CVA
The stationery retailer will ask landlords at 20 of its stores to forfeit rent payments for three years, Sky News understands.