Charles Russell Speechlys advises ALDO UK's administrators, RSM, on the sale of the business and assets
Our Corporate Restructuring & Insolvency team has completed a sale of the business and assets of ALDO, the UK arm of the Canadian shoe and accessories store, advising the administrators of the company, RSM Restructuring Advisory.
ALDO, which operates around 8 UK stores, is one of just a few retailers to undertake a sale of its business and assets during the coronavirus pandemic. The deal has resulted in the saving of over 50 UK jobs.
The team at Charles Russell Speechlys was led by Corporate Restructuring & Insolvency Partner Jason Freedman assisted by Associate Heidi Wagstaff.
Charles Russell Speechlys Partner Jason Freedman said: “With the adverse trading conditions imposed by the Covid-19 pandemic it has been disheartening to see so many retailers being placed into administration (light touch or otherwise) with no prospects of a sale of the business as a going concern. It was therefore great to be involved in a sale out of administration which meant that jobs have been safeguarded and secures the future of the business.”
RSM Restructuring Advisory Partner Damian Webb said: “Although trading is difficult it is clear that if organisations work closely with their stakeholders it is possible to secure a successful outcome which benefits all parties.”
