Supercuts falls into administration putting over 1,200 jobs at risk
Hairdressing chain Supercuts has fallen into administration putting 1,200 jobs on the line.
Birmingham’s Regis UK, the owner of Supercuts, has appointed administrators to the company while accountancy firm Deloitte is to look into options for the 220-site chain.
The Supercuts locations are to remain open as a new buyer is found.
Regis UK’s collapse is said to follow on from its attempt to cuts its rents through a legal plan: Company Voluntary Arrangement (CVA). In 2018, it became evident that Regis UK was struggling to stay afloat due to this, despite CVAs allowing companies to find rent reductions and new debt repayment methods.
The plan was said to be an unpopular move with landlords, involving asking the owners of over 20 of its salons for free rent.
Regis UK and Deloitte are still to comment.
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