Last month, we reported that Office Outlet had proposed a Company Voluntary Arrangement to close some of its physical stores; the proposal has now been approved, with 93% of the company’s creditors voting in favour of the arrangement.
Under the terms of the proposal, four of the 95 stores will close during the latter part of 2018. All remaining stores, including the online business, will continue to trade as normal.
Chris Yates, CEO of Office Outlet said: “We are pleased that an overwhelming majority of our creditors have supported the plans laid out in the CVA.
“This restructure together with the initiatives already implemented have created a stable platform from which to implement the business turnaround and return the group to profitability.
“Working in partnership with our landlords we will work tirelessly to deliver the appropriate store size for the rapidly changing UK retail landscape.
“Finally, we look forward to working with our loyal team and suppliers in the future and thank them for their ongoing support during this process.”
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