BusinessBusiness RecoveryMiss Sixty operator agrees CVA

Miss Sixty operator agrees CVA

250 jobs saved at Sixty UK Limited after creditors and shareholders sign off on a Company Voluntary Arrangement

A Vantis administrator has hammered out a company voluntary arrangement deal
for Sixty UK Limited, the trading company behind the Miss Sixty and Energie
clothing brands.

The move will safeguard more than 250 jobs at the company after it went into
administration on 1 October 2008.

Administrator Peter Hollis said: ‘This is a good news story on an otherwise
gloomy high street. It is a triumph for sensible attitudes and strong,
reasonable negotiations.’

A typical CVA deal is based on preserving the company, protecting cashflow,
rebuilding sales and profits and then paying something back over a set period of
time.

Hollis added: ‘Through proper dialogue with stakeholders and management, we
have been able to develop a robust trading strategy, while Sixty UK operations
continued uninterrupted.

‘It is my hope that this will prove a milestone in the processes used and
outcomes achieved for the ailing retail sector.’

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