Focus DIY chain unveils rescue plan
Monday 24 August 2009
Britain's biggest commercial landlords will back a deal to save DIY chain Focus at a creditors' meeting today.
The Company Voluntary Arrangement being proposed will protect up to 5,000 jobs and see leases for empty stores bought off with two lump sums equivalent to six months' rent. The DIY chain has 180 stores still trading with the 38 closed outlets costing £12m a year in rent. For the deal to proceed, some 75 per cent of creditors have to back it, but the landlords' support is crucial.
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