July 25, 2024

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Footwear chain Dune weighs CVA amid superior avenue carnage | Enterprise Information

2 min read

The high road shoe chain Dune Group is to kick off a clean round of talks with landlords as it seeks to slash costs and navigate by means of the coronavirus pandemic.

Sky News has learnt that the privately owned retailer has appointed advisers from KPMG to enable it overview strategic possibilities that could guide to a restructuring approach referred to as a enterprise voluntary arrangement (CVA).

Dune was founded by Daniel Rubin in 1992, and now has 43 standalone suppliers and a workforce of approximately 1,200 folks.

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It also trades from approximately 175 concessions, some of which have been afflicted by the liquidation of Debenhams’ estate.

The chain’s stores have all been closed for much of the very last 12 months since of the series of lockdowns influencing non-important shops throughout Britain.

Mr Rubin, who stays Dune’s chief executive, claimed: “The trading environment carries on to be particularly tough, and like numerous other high street shops, we are reviewing all facets of our business enterprise to ensure we are in the ideal situation possible to navigate our way by means of this tough period.

“We’ve had constructive dialogue with our landlords due to the fact the begin of the pandemic, but we now have to have to have interaction with them further if we are to safeguard our long run.

“To this close, we have appointed KPMG to review possibilities especially in relation to our property portfolio, and to aid us with our negotiations with stakeholders as we find to take care of our company by means of the months forward.”

Insiders said that a CVA was not particular to be released, and would count on the development of talks with landlords about a attainable swap to a turnover-dependent lease product.

Other shoe retailers together with Clarks have turned to crisis restructurings to safe their survival during the COVID-19 disaster.

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