Gerry Weber UK stores to close but wholesale will continue
today Jul 26, 2019
Gerry Weber has confirmed that it will close its UK stores by the end of October. The news comes after the company recently restructured its business with Robus Capital Management and Whitebox Advisors now in control.
It’s unclear exactly how many UK stores, divided between directly operated locations and concessions, are involved. But while all will be shut, it’s not exiting the British market altogether. “In the UK, Gerry Weber will concentrate its operations on its wholesale business, to grow with its business partners,” it said.
The company also said it has had good feedback on its new collection from customers and business partners.
Earlier this month, the firm announced that it had reached “a milestone for securing the company's future,” with its new deal seeing it being fully taken over and current shareholders exiting.
Importantly too, it would get an almost-€50m refinancing lifeline to be used “for the sustainable financial restructuring of” the firm.
That brings to an end a bruising period for the company in which it has suffered from weakness in its core German market. Its attempts to turn around its fortunes have also coincided with tough times for middle-market women’s brands in Britain, especially those that rely heavily on department stores.
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