Carpetright scrambles to secure funds as it plans for CVA

| March 21, 2018

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Flooring retailer Carpetright has launched a rescue plan as it sells off equity and plans to launch a company voluntary agreement (CVA). Following speculation earlier this week, the struggling retailer announced that it is seeking to secure an insolvency deal allowing it to continue trading while it negotiated rent reductions and debt restructures. The CVA would lead to dozens of closures of loss making stores, with its chief executive admitting: “The aggressive store opening strategy pursued by the company’s previous leadership has left Carpetright burdened with an oversized property estate consisting of too many poorly located stores on rents which are simply unsustainable.”

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