British affordable luxury brand LK Bennett’s creditors recently approved its company voluntary arrangement (CVA), which will result in five store closures and the remaining shops switching to turnover-based rent. The company restructured its store teams in August, resulting in 19 redundancies.
The company said also said eventwear and workwear, typically its biggest strengths, have both been challenging to sell during the pandemic, as well as the lack of tourism to London, where most store sales take place.
Despite best efforts, its sales are not expected to fully bounce back until mid-2021, British media reports cited the company as saying.
While it aims to secure as many jobs as possible by reaching an agreement with creditors, at least four to five store closures and a small number of job losses will take place.