United Kingdom - Massive job losses at retail chains - April 30, 2018
Following the collapse of Toys R Us and Maplin, which has affected 5,000 jobs, several retailers have confirmed plans for a restructuring process called a company voluntary arrangement (CVA). The CVA-process, which is designed to help struggling companies stave off insolvency, must be approved by creditors including landlords. The plans could involve the closure of hundreds of stores. Fashion chain New Look announced in March 2018 an expected maximum of 980 redundancies out of a workforce of 15,300, and chains like Marks & Spencer, Debenhams and House of Fraser are also closing store space. The latest in the row, is carpet retailer Carpetright that has confirmed plans to close 92 stores, with the potential loss of 300 jobs, in a restructuring process designed to stave off administration.
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