UK-based outdoor footwear and clothing retailer Blacks Leisure plans to put itself through a company voluntary arrangement (CVA), according to a report in The Sunday Times. If the move goes ahead, around 80 of its 400 stores are expected to close, potentially leading to 400 job cuts.

Last week, Blacks put its Sandcity business, which operated 11 O'Neill boardwear shops, into administration. If it pursues the CVA, it will act as a final attempt to turn the company round and focus on its core business after it admitted last week that it faced “an uncertain future”.

A CVA is an insolvency procedure used mainly by retailers. It allows the company to agree with its creditors how its debts should be paid and to close underperforming stores.

Share this story: