Outdoor & Cycle Concepts (O&CC), the British outdoor retailing group operating under the Cotswold Outdoor, Runners Need, Cycle Surgery and Snow+Rock banners, announced that a majority of over 97 percent of its unsecured creditors approved the Company Voluntary Arrangements (CVA) that it had proposed at a meeting on May 13. As indicated in our previous issue, the British subsidiary of the A.S. Adventure Group had proposed the CVAs to negotiate lower leases on 50 of its 115 stores in order to reduce its losses. In the meantime, the group has decided to close two Cotswold Outdoor stores in Peterborough and Ipswich as well as a Cycle Surgery store in Highbury and a Snow+Rock unit in Bridgend. O&CC has been led since April 1 by José Finch, following the resignation in March of its former chief executive, Greg Nieuwenhuy.

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