Oka Faces More Hard Times, Plans to Restructure U.K. Business After Shutting U.S. Stores

The company said it has launched a company voluntary arrangement, or CVA, as part of a plan to “reconfigure and reduce its cost base and restructure its balance sheet.” Gavin Maher and Robert Fishman ofPrincipals said the aim is for Oka to return to profitability, and secure its long-term future. “Oka, like other retailers in the U.K., has had some difficult years” due both to the COVID-19 pandemic and the cost-of-living crisis.Mark Saunders, chief executive officer, said Oka is a “well-loved U.

Under the CVA, the company is proposing a restructuring of its key operational costs, including its distribution center and one of its head offices. The move will impact 33 employees.

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Oka Winds Down U.S. Business Amid Market WoesDue to U.S. market challenges, British furniture and accessories maker Oka initiated Chapter 7 bankruptcy proceedings in June, to focus on the U.K.
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