264 job losses at fashion wholesaler as CVA is agreed
The creditors of Leeds-headquartered BMB Clothing Limited – trading as Baird Group – have approved the proposed company voluntary arrangement (CVA) put forward by the business on 23 July 2020.
It means 264 jobs are to go at the Debenhams supplier, which will close 18 stores and a warehouse.
Mark Cotter, CEO of Baird Group, said: “The support of the CVA from our creditors is a critical step in our wider turnaround plan, enabling us to lay the foundations for a successful future with a renewed focus on our core online channels and outlet stores.”
Howard Smith, associate partner at KPMG and joint nominee of the CVA, added: “The vote saw approximately 94% of all voting creditors choosing to approve the CVA, surpassing the 75% total required in order to pass the resolution.”
Baird Group is a licensee for Suit Direct and operates concessions for Debenhams for brands such as Ben Sherman, Jeff Banks and Racing Green.
Gawain Moore, Partner and Claire Askew, Director, both in the Walker Morris Restructuring and Insolvency Team, are providing legal advice on the CVA.