• IMbanner July 2018 300x1080

  • STYLESHOW Banner1080

  • LS05 FLS18 Register Here

  • IM Awards 480x2001

  • IM Show 480x200 Reg 2018

  • 480wx200h 2018 4px  13 1

  • Interiors Monthly Banner 200x480 1

  • EncoreJuly2018

  • 412688 MFS 03 Web Banners 480x200 Rotating

  • Tendence2018

  • Greenwood Retail December 2017

  • This email address is being protected from spambots. You need JavaScript enabled to view it.

  • This email address is being protected from spambots. You need JavaScript enabled to view it.

Carpetright outlines CVA proposal

Carpetright wants to close 92 of its 426 UK stores and cut the rent on a further 113 in order to ‘restore the viability of the group’s business model’.

The group said it will give full details of its Company Voluntary Arrangement later today. It plans to hold a creditor meeting on 26 April and a shareholder meeting on 30 April.

Its plans to raise money from shareholders after the CVA have been confirmed at £60m – the top of its previous forecast – and it said it hopes to have this money by early June.

It said trading had continued to be ‘difficult’ but it still expected to make a small pre-tax loss for the year to 28 April. IT plans to give a trading update on 30 April.