After rent cut talks, Boux Avenue calls in advisers
Feb 24, 2020
Like other retailers in the fashion sector, Boux Avenue could opt to launch an insolvency process in a bid to close stores. A decision from the review will be taken in a couple of weeks, reported The Sunday Times.
With about 30 stores across the UK, Boux Avenue is struggling to cope with growing rent and business rates bills, problems faced by many in the fashion retail sector.
In January, founder Theo Paphitis, who is best known for his appearances on the BBC TV programme Dragons’ Den, started talks with landlords about possible rent cuts at its stores.
Paphitis, who also owns the more buoyant Ryman stationery chain and Robert Dyas household goods retailer, has previously complained about Boux Avenue’s “significantly above average” rent bills.
The struggling brand swung to a £10 million loss in the year ended December 31 2018.
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