Cotswold Outdoor owner plans store closures
A new cost-cutting plan could see a “significant” number of Cotswold Outdoor and Snow + Rock stores close across the UK, further adding to the UK high street’s woes.
AS Adventure, which operates nearly 120 stores in the UK for Cotswold Outdoor, Snow + Rock, Cycle Surgery and Runners Need, is understood to be talking with advisers about a potential shop closure programme.
No decisions have been taken yet about the exact number of stores that could be earmarked for closure, but sources told Sky News of a “significant number” that could potentially affect hundreds of jobs.
A source close to PAI Partners, the Paris-based private equity firm which owns AS Adventure said: "Given the difficult market environment, the company is looking at a range of cost-cutting initiatives.
"As part of that, it is possible that stores may be closed as an adjustment to the estate but it is way too early to say.
"No decision has been taken on any store closure and no advisers have been appointed."
News of a cost-cutting plan at the group contrasts the latest performance of rival Mountain Warehouse, which also sells outdoor clothing and equipment for the family.
AS Adventure joins a host of retailers struggling to survive a turbulent period on the UK high street, hurt by the shift towards online shopping, weakening consumer demand and growing trading costs.
Debenhams, Marks & Spencer, new Look and House of Fraser are some of the big chains trimming their store estate in recent months.
Copyright © 2022 FashionNetwork.com All rights reserved.