The growing reliance on company voluntary arrangements ( CVAs ) by struggling retailers is putting healthy retailers at a competitive disadvantage , according to advocates of the device . Stores and supermarket chains including Prezzo , New Look and House of Fraser have resorted to CVAs to escape bankruptcy and extract large discounts on products . Prezzo had been taken over two years earlier by the American private equity firm TPG, which planned to capitalise on a trend for casual dining by aggressively opening new sites. Landlords are reportedly enraged at how they are expected to take the financial gains from store closures and rent cuts , while bondholders and other creditors are often left untouched because of the rise of what are being called “ landlord - only ” CVAs , which affect only leases .
The growing reliance on company voluntary arrangements ( CVAs ) by struggling retailers is putting healthy retailers at a competitive disadvantage , according to advocates of the device . Stores and supermarket chains including Prezzo , New Look and House of Fraser have resorted to CVAs to escape bankruptcy and extract large discounts on products . Landlords are reportedly enraged at how they are expected to take the financial gains from store closures and rent cuts , while bondholders and other creditors are often left untouched because of the rise of what are being called “ landlord - only ” CVAs , which affect only leases .