The creditors of the discount retailer Poundstretcher have approved the proposed company voluntary arrangement (CVA) put forward by the business on 16 June 2020.
Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, said: “The approval of the CVA provides a stable platform from which the company can continue to operate across a more focussed store portfolio.”
The vote saw more than 90% of all voting creditors – and importantly, an overwhelming majority of landlords – choosing to approve the CVA, surpassing the 75% total required in order to pass the resolution.
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