The retail sector has endured a prolonged period of upheaval that has led to retailers facing financial distress. As a result, the retail industry has been experiencing a rising number of retailers undertaking Company Voluntary Arrangements (CVAs). Using existing literature, secondary data and primary research drawn from semi-structured interviews with a broad range of high-profile stakeholders, this study will review the impacts of the CVA phenomenon on shopping centre formats. This approach will allow for an in-depth analysis of landlord and tenant perspectives and pressures, to understand the strategies that are being undertaken by these stakeholders to mitigate the impact of CVAs. The results show that CVAs have had a significant impact on the net income of shopping centres and have heightened tensions between landlords and tenants due to game playing and opportunistic negotiations between parties to secure the best outcome from the market. Interestingly, the most common strategies to overcome the CVA storm involve transforming the challenges into potential opportunities, which is possible thanks to the structure and management capabilities of shopping centres. Policy updates are all the same necessary to promote unity in the sector. Considering the under-researched nature of CVAs and the impact on shopping centres, this research paper ends with recommendations on policy and opportunities for future research.