April 26, 2018 / 2:51 PM / 10 months ago

Carpetright creditors back UK restructuring plan

LONDON, April 26 (Reuters) - Creditors and landlords of Carpetright approved the struggling British retailer’s restructuring plan at a meeting on Thursday.

Earlier this month the floor coverings retailer said it would seek creditor approval for a Company Voluntary Arrangement (CVA).

The plan involves the closure of 92 stores and rent reductions at 113 others. Up to 300 jobs could go.

At Thursday’s meeting of creditors, the CVA was approved by a majority of more than 75 percent in value of the unsecured creditors present, the company said. The CVA meeting for shareholders will be held on April 30.

Shares in Carpetright have lost over 80 percent of their value over the last year following a series of profit warnings.

$1 = 0.7189 pounds Reporting by James Davey, Editing by Paul Sandle

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