Birmingham lawyer guides Office Outlet through its CVA

James Keates, Shoosmiths

Stationery chain Office Outlet is to become the latest retailer to seek a Company Voluntary Arrangement (CVA) that will result in four of its stores closing.

James Keates, the Birmingham-based partner at Shoosmiths, worked with senior associate Charles Williams to advise the former Staples business on its restructuring plans.

“There is no shying away from how difficult the retail landscape is for many at the moment, with many household names needing to significantly change the way their businesses are structured,” said Keates.

“Office Outlet has made significant strides but this CVA will allow it reduce further costs, and to restore long-term profitability so it can continue to service its customers.”

Office Outlet’s chief executive Chris Yates added: “Shoosmiths has been invaluable in helping us through the terms of the CVA, through discussions with our key landlords and strategic partners. The operational restructuring that has already taken place at Office Outlet has seen a big improvement, but the challenging retail environment has left us with no option other than to restructure our fixed costs so we can continue in the long-term.”

“This will give greater security for our staff, suppliers, landlords, customers and members – and we are confident our company will be in excellent shape after this process has finished.”

The CVA – the seventh Shoosmiths have been involved in in less than two years – will have its meeting on September 6.

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