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All Saints: This Just In

Posted on Jul 08, 2020. by NTI

Billy Get A Grip isn't always what he seems. The NTI newsroom's own tenacious little gopher (or 'Management Trainee' as he puts it on his CV which he worryingly keeps updated at all times) likes to pursue a story around the Internet, whilst taking a hard-earned break from obliterating aliens on his Xbox One X and picking up what appears to be golden testicles for his trouble. He passed one to Michelle this morning about the latest on All Saints. 

The news is twofold; firstly, that All Saints Day will still be on 1 November this year, but the saints will be celebrating this remotely due to Government restrictions. The second is that fashion retailer All Saints has confirmed that its creditors have approved CVAs for both for All Saints Retail and its subsidiary in the US after the company was forced to seek rent cuts due to the Covid-19 crisis. Peter Wood, the much quoted Chief Executive Officer of All Saints, said: “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 All Saints.” Apparently, creditors went above and beyond, their vote far exceeding the 75% required to agree the CVA, with 93% voting in favour.

So, that's done-and-dusted then. And quite the breakthrough, with it being a British-style Arrangement agreed in multiple jurisdictions. Mr Wood thanked landlords all over the globe (but I think he meant All Saints' landlords specifically) for their patience and understanding. These landlords, they are so accommodating ...

 

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