The creditors of retailer Hotter have approved CVA proposals, which will see it permanently shut 46 stores across the UK.
According to Drapers, the retailer is aiming to reduce its store portfolio and change the terms of rental payments. While a “number” of redundancies will take place, the retailer said at least 350 jobs have reportedly been saved.
“Following the impact of Covid-19, the CVA was an unfortunate but necessary step to avoid the likelihood of Hotter going into administration, causing a much larger number of job losses, and was critical to ensure a viable future for the business,” Hotter Chief Executive Ian Watson said.
“Now, we can focus on accelerating the implementation of our strategy to develop the respected and valuable Hotter brand and establish a successful long-term future for the business.”
