×
2 722
Fashion Jobs
BOOHOO GROUP
Warehouse Team Manager - pm Shift
Permanent · WELLINGBOROUGH
JOHN LEWIS
Section Manager Warehouse
Permanent · WEYBRIDGE
HARRODS
Supply Planning Assistant Manager
Permanent · THATCHAM
BOOHOO GROUP
Senior Operations Manager
Permanent · BURNLEY
MULBERRY
Commercial Finance Analyst
Permanent · LONDON
SELFRIDGES
Assistant Events Manager (Exchange Square)
Permanent · MANCHESTER
VF INTERNATIONAL
Lead Warehouse Project Manager
Permanent · COALVILLE
VF INTERNATIONAL
Warehouse Operations Manager
Permanent · COALVILLE
ESTEE LAUDER
le Labo - Fragrance Specialist - le Labo, Edinburgh - 40 Hrs/Week - Full Time, Permanent
Permanent · Édimbourg
HEAD OFFICE
Buyer, Apple
Permanent · LONDON
HEAD OFFICE
Buyer – Nursery & Baby
Permanent · LONDON
HARRODS
Buyers Clerk - Furniture And Bed & Bath
Permanent · LONDON
HARRODS
Senior Buyers Clerk - Fine Watches & Jewellery, Homeware & Furniture
Permanent · LONDON
VF INTERNATIONAL
Credit Controller - Italian Speaking
Permanent · CALVERTON
VF INTERNATIONAL
Credit Controller
Permanent · CALVERTON
BOOHOO GROUP
Site Operations Manager
Permanent · BURNLEY
SHISEIDO
Shiseido Assistant Business Manager - Harrods (37.5 Hours)
Permanent · London
BOOHOO GROUP
Senior Site Operations Manager
Permanent · BURNLEY
HARRODS
Food Supply Coordinator
Permanent · LONDON
HEAD OFFICE
Social Marketing Manager
Permanent · LONDON
HEAD OFFICE
Service Operations Manager
Permanent · BRACKNELL
HEAD OFFICE
Social Marketing Performance Manager
Permanent · LONDON
Published
Sep 4, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Jigsaw creditors approve CVA plan, 13 shops to shut

Published
Sep 4, 2020

Jigsaw has received backing from its creditors for its CVA plan with the firm telling Fashionnetwork.com that it will close 13 of its stores.


Jigsaw


That’s fewer stores than had been tipped to close. But with 13 shutting up for good and a big chunk of the rest switching to turnover-based rents, the business is continuing to confront a downturn that pre-dated the pandemic.

The company, which currently has 74 UK stores and employs 900 people in Britain, has struggled for some time. But its pre-crisis problems were made so much worse by the enforced closure of stores during lockdown and consumers’ fairly anaemic return to stores since reopening. 

The stores slated for closure include those in what were previously prestigious and busy locations, such as Westfield London, Bluewater in Kent, Manchester and Birmingham.

A spokesperson for Jigsaw said: “We are pleased that the proposal has been accepted by the majority of our creditors. The arrangement puts the company on solid footing moving forwards, and allows us to execute our turnaround strategy by refocusing the company on its core business as a women’s British Heritage brand, in what is our 50th year anniversary.” 

Will Wright, partner at KPMG and joint supervisor of the CVA said: “The successful CVA proposal ensures that the business is well-placed to trade in the current retail environment, and is an important step in the company’s wider review of its operations.”

Jigsaw is only the latest in a raft of retailers to be closing stores and moving to turnover-based rents and to be doing so via a CVA. Landlords are themselves under heavy pressure and are unhappy about the development overall. But they have little choice given the low demand for retail space at present, particularly in once-buzzing covered malls and city centres.

Copyright © 2022 FashionNetwork.com All rights reserved.