Moss Bros, the suit retailer with 125 stores, is considering shutting shops as part of a rescue plan. The company has been hit by Covid-19 restrictions on large events such as Royal Ascot and weddings.
As first reported by the Times, Moss Bros has hired auditors KPMG to prepare for a company voluntary arrangement (CVA). This would allow it to close some stores and reduce rent on others. The chain, which employs 1,000 staff, did not respond to a request for comment.
Moss Bros was acquired by Menoshi 'Michael' Shina, who also owns Crew Clothing, for £22m in early March, two weeks before lockdown began. Shina later tried to cancel the deal after non-essential retailers were ordered to close, but was unsuccessful.
In July, City shirtmaker TM Lewin announced it would close all 66 of its UK shops, laying off most of its 700 workers as it moves sales online. Other high street businesses have also announced closures and job cuts due to the pandemic, including Frankie and Benny's owner the Restaurant Group, Monsoon Accessorize, Pret A Manger, and Debenhams.
