Jigsaw considers CVA to close stores

Jigsaw is considering a Company Voluntary Arrangement (CVA) in order to close some of its 75 stores and cut rents on others.

The fashion retailer, which employs around 900 people, brought in KPMG last month to look at rent negotiations, while Cavendish Corporate Finance was hired to find new external investors or a potential sale process.

Jigsaw’s parent company Robinson Webster most recent reports showed a two per cent decline in group turnover to £102 million in the year to 29 September 2018.

Gross profit margin for the group was 63 per cent, compared with 62.5 per cent in 2017. Operating losses rose from £500,000 to £9.5 million, while underlying adjusted earnings fell 85 per cent to £400,000.

Previous statements blamed falling profits on industry headwinds, which led to a reduction in consumer confidence and footfall on the High Street. These trends have been exacerbated by the recent Coronavirus lockdown, which has hit fashion retail particularly hard.

Earlier this year, Jigsaw hired Beth Butterwick, the former chief executive of Karen Millen, to work on a project on an interim basis.

    Share Story:

Recent Stories


Poundland significantly reduces antisocial behaviour, aggression and shoplifting with Motorola Solutions VT100 body cameras
Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.

For further information on Motorola Solutions’ retail security products, including body cameras, click here.

Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.

New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.

Advertisement