The company voluntary agreement (CVA) of the upmarket British retailer L.K. Bennett was approved by creditors. It will result in five stores closing down and the remaining shops switching to turnover-based rents. The chain has 18 standalone stores.

Among the creditors who voted against the CVA was the property company Land Securities. Landlords have been critical about CVAs noting that they have borne the brunt of retailers’ debt restructuring schemes, which were approved by creditors who were least affected by the measure.