Carpetright is looking to close a number of UK stores as part of a Rescue Plan to save their business. The retailer, which has 409 stores located across the UK, is currently considering a Company Voluntary Arrangement (CVA) to help try and save the business from insolvency.
The CVA will enable the retailer to close down any unprofitable store and decrease rental costs. At this moment, it is unclear how many stores are at risk, or how many of the store’s employees will be affected.
If the CVA is agreed, the retailer will be looking to raise up to £60m from investors to help with debt issues. This news comes amid stories of many other popular retailers such as New Look, Jamie’s Italian Prezzo scoring rescue deals.