Sixty UK, the trading company for Miss Sixty and Energie clothing brands in the UK, has agreed with its creditors to complete a Company Voluntary Arrangement (CVA) to save part of the business.
It went into administration on 1 October last year and Vantis Business Recovery Services advised on its CVA proposals.
Creditors and shareholders agreed to a revised business model that will enable the company to return to normal trading in a ‘modified and profitable manner.’
Peter Hollis, director at Vantis and supervisor of the CVA, said: ‘This is a good news story on an otherwise gloomy high street. It is a triumph for sensible attitudes and strong, reasonable negotiations. Through proper dialogue with stakeholders and management, we have been able to develop a robust trading strategy, while Sixty UK operations continued uninterrupted.’
Landlords have agreed a variety of terms depending on individual store trading .