AllSaints has announced that it is restructuring its store portfolio through Company Voluntary Arrangements (CVAs) in both AllSaints Retail Limited and its subsidiary AllSaints USA Limited. The company is putting forward a proposal to its landlords that will see most of its 41 UK stores and 42 North America stores move to turnover-rent, to align landlords with the group's recovery after the COVID-19 lockdown. 

A small number of stores will close where the business is not feasible. Creditors will vote on the proposal at meetings on 3 July 2020 (ASUSA) and 6 July 2020 (ASRL).

Peter Wood, CEO of AllSaints said: "We have taken this step in order to ensure the long-term viability of AllSaints in the face of the unprecedented impact that COVID-19 has had on our business and the wider fashion retail industry. The CVAs will allow us to sustain a strong physical retail presence, which in turn will allow us to protect jobs and continue to provide great product and service to our customers."