The founder of shirts specialist Charles Tyrwhitt said business “fell off a cliff” last year as stores were forced to close, consumers reined-in spending and worked from home so his products stayed on the rails.
Frasers Group is continuing its acquisition spree among distressed brands in the UK and while it’s reported to be interested in Debenhams, the company is also said to be looking at Jaeger, Austin Reed and Jacques Vert.
The company wants to delay its rescue plan to save parts of the UK business. It's expected to apply for a 10-day extension of creditor protection as lockdowns in Wales, where it has its HQ, are hampering negotiations.
Moss Bros is mulling closing stores as the men’s formalwear specialist deals not only with the aftermath of the lockdown that hurt retailers generally, but the cancellation of many events on which its business depends.
Warnings that the UK retail environment will remain challenging during the rest of the year may deter many large chains from investing in bricks-and-mortar but Poundland is planning to open six new Pep&Co shop-in-shops.
Each news story about TM Lewin seems to deliver worse news and the latest development is that the menswear retailer is closing all of its shops and becoming online-only. It means the loss of over 600 jobs.