Former Staples chain Office Outlet confirms store closures and CVA

By Richard Hook2018-08-22T11:14:00

Office Outlet, the stationery retailer formerly known as Staples, has confirmed plans to launch a company voluntary arrangement (CVA) including store closures. The proposals will also see the retailer request rent-free periods from landlords.

The retailer has outlined plans to close four of its 96 UK stores during the latter part of 2018 as part of the CVA and request a three-year rent-free period from landlords across a further 20.

Deloitte has been appointed as nominee for the CVA by owner Hilco, the restructuring company which acquired and rebranded the chain in 2016. Office Outlet has spent the last two years carrying out an operational re-organisation, 35 of its larger stores have been divided and sublet into smaller units.

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