Kirkland Bags Another Retail Insolvency Mandate
The US firm has picked up a role for a fashion retailer on its CVA applications in the UK and North America.
June 18, 2020 at 11:09 AM
2 minute read
AllSaints. Credit: Wikimedia
Kirkland & Ellis has picked up another mandate for a struggling U.K. high street brand, as retailers struggle to cope in a more pressurised environment due to COVID-19.
Its London restructuring team is advising clothes and accessories retailer AllSaints on company voluntary arrangement (CVA) applications in the U.K. and North America, according to a statement by the company.
U.K.-headquartered fashion label All Saints said in a statement on Thursday that the coronavirus pandemic had "inevitably had a substantial and sudden impact on its short-term sales", as a result of which the company is asking its landlords for a rent cut.
The move, if approved by creditors at the beginning of July, will affect most of AllSaints' 41 stores in the U.K. and its 42 stores in North America, the statement continued.
The company's CEO Peter Wood added: "The CVAs will allow us to sustain a strong physical retail presence, which in turn will allow us to protect jobs and continue to provide great product and service to our customers."
The mandate is the latest of several to have been taken on by Kirkland since the start of the U.K. lockdown. In May, the firm advised on the collapse of high street restaurant owner Casual Dining Group, while in April it was drafted in again by struggling department store Debenhams on its second restructuring process in a year.
The U.K. market has seen a wave of restructurings and capital raisings since the start of the coronavirus pandemic as businesses look to shore up their finances from the impact of COVID-19. Among the companies to have recently cited the pandemic as a main cause for their financial difficulties are fashion retailer Laura Ashley and sportscar maker McLaren.
Earlier in June, AllSaints brought on board the head of cybersecurity at Clifford Chance to lead its information security department.
Read More
Kirkland Restructuring Partner Heads to Ropes in London
Corporate Lawyers Jump to Restructuring as COVID-19 Mandates Mount
Coronavirus 'to Boost Litigation and Restructuring Work', Lawyers Say
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