National law firm Shoosmiths has advised leading stationary chain Office Outlet on its Company Voluntary Arrangement (CVA), which has been announced today.
As part of the CVA, Office Outlet proposes to close four stores this year, while keeping its online service and the remaining 95 stores open.
Office Outlet was given legal advice by Shoosmiths corporate partner James Keates and senior associate Charles Williams. It is the seventh retail CVA Shoosmiths has advised on in under two years.
James said: "There is no shying away from how difficult the retail landscape is for many at the moment, with many household names needing to significantly change the way their businesses are structured.
"Office Outlet has made significant strides but this CVA will allow it to reduce further costs, and to restore long-term profitability so it can continue to service its customers."
Chris Yates, Office Outlet CEO, said: "Shoosmiths has been invaluable in helping us through the terms of this CVA, through discussions with our key landlords and strategic partners.
"The operational restructuring that has already taken place at Office Outlet has seen a big improvement, but the challenging retail environment has left us with no option other than to restructure our fixed costs so we can continue in the long-term.
"This will give greater security for our staff, suppliers, landlords, customers and members - and we are confident our company will be in excellent shape after this process has finished."
A CVA meeting will be held on 6 September.