Casual dining chain itsu has gained approval for its company voluntary arrangement, resulting in rent cuts at 53 outlets.
Two of its 77 locations will close as part of the process.
Landlords voted on the proposals yesterday (19 August).
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Casual dining chain itsu has gained approval for its company voluntary arrangement, resulting in rent cuts at 53 outlets.
Two of its 77 locations will close as part of the process.
Landlords voted on the proposals yesterday (19 August).
Itsu hired advisers from Alixpartners in July to explore restructuring options.
The chain previously said it has ruled out selling the business.
At the time, it said a CVA was one of many actions it was taking to “adapt its model to meet the new operating environment”. This included investment in self-service kiosks, and a new store concept that will “open up more trading opportunities for the UK and overseas market”.
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