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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.