AllSaints has had its Company Voluntary Arrangement (CVA) proposals approved by more than the required 75 per cent of creditors.

Last month, the fashion retailer announced the CVA, aimed at driving a major restructure of its store portfolio in the UK and the US.

Landlords were consulted on plans to move most of its 41 stores in the UK and 42 stores in North America to turnover-rent.

AllSaints chief executive Peter Wood commented: "We are delighted that the majority of our landlords across the UK, EU, US and Canada voted in favour of our proposals, and would like to thank them for their patience and understanding.

“The decision to launch the CVAs was not taken lightly, and this successful outcome will be instrumental in helping us to ensure the long-term viability of AllSaints.”

AllSaints trades from 255 stores in 26 countries and employs more than 3,000 people.

A statement made at the CVA's launch explained that prior to the outbreak of the Coronavirus, the company had delivered year-on-year revenue growth for five successive years, with sales growth in every region and across every channel in which it operates during its last financial year.

However, the closure of the vast majority of its store estate globally has had “a substantial and sudden impact” on short-term sales.

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