AllSaints Strikes Landlord Deal

AllSaints (London) has reportedly made a deal with its landlords worldwide to shift to a new rent payment structure, WWD reports, in order to alleviate financial pressure.

AllSaints underwent an insolvency procedure called CVA or company voluntary arrangement, a move more common in the U.K. It has also received protection from its U.S.-based creditors: In June, a U.S. bankruptcy court approved a Chapter 15 proceeding, granting the company protection from creditors, according to WWD. The brand otherwise did not disclose the new terms it has in place with its landlords.

“The decision to launch the CVAs was not taken lightly, and this successful outcome will be instrumental in helping us to ensure the long-term viability of AllSaints,” Peter Wood, Chief Executive Officer, AllSaints, said.