Creditors of struggling retail chain Blue Inc have voted through a restructuring deal that is likely to see a number of store closures.
The company instructed Begbies Traynor to undertake a company voluntary arrangement (CVA), a process that allows it to have its rents reduced and to jettison underperforming stores.
Begbies did not disclose how many stores will close as part of the CVA, or how many jobs will be lost, but it is thought that over 30 shops are earmarked for closure.
Blue Inc, which has 127 outlets, is struggling under losses and is required to make debt repayments, as well as fork out for a hefty rent bill.
The CVA proposal put forward by the chain’s owners received support from over 80% of voting credi…
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