Dec 4, 2020

Ann Summers launches insolvency process to cut rents

Ann Summers has launched an insolvency process to slash rents, as the sex toy and lingerie retailer fights to survive the hit to high streets caused by the pandemic. It said rents for two-thirds of its 91 stores had been cut after "Extensive discussions" with landlords. The company is not planning any store closures and Ms Gold added that the brand would "Approach the future with confidence . . . once our store rents are aligned to market levels". Its online business and party arm, where roughly 20,000 Ann Summers "Ambassadors" earn commission on products sold at private parties, will not be affected by the CVA. Ann Summers, which employs just under 1,000 people, has like many other retailers struggled with rents for its physical stores as the pandemic has strengthened many people's preference for online shopping. Ann Summers has since invested in new products and marketing, with some of its product lines having been boosted by the pandemic.

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