×
326
Fashion Jobs
TOPSHOP TOPMAN
Online Visual Merchandising Manager
Permanent · London
TOPMAN
Buyer (Maternity Cover)
Permanent · London
TK MAXX
Loss Prevention Officer - Bristol
Permanent · Bristol
ARCADIA GROUP
Information Security (Infosec) Officer
Permanent · London
SHISEIDO
Accounts Payable Manager
Permanent · LONDON
TK MAXX
Shift Operations Manager
Permanent · Stoke-on-Trent
SANDRO UK
Senior Sales / Supervisor m/f
Permanent · LONDON
TOPSHOP TOPMAN
Senior Digital Visual Merchandising Manager (Maternity Cover)
Permanent · London
BURTON
Senior Buyer - Tailoring - Maternity Cover
Permanent · LONDON
TOPSHOP TOPMAN
Senior Marketing Manager
Permanent · London
TJX CORPORATE
Information Technology Graduate (2021)
Permanent · WATFORD
SHISEIDO
Bareminerals Account Manager - Hoopers, Wilmslow (Maternity Cover) (37.5)
Permanent · Manchester
SHISEIDO
Bareminerals Account Manager - Debenhams, Winchester (Maternity Cover)
Permanent · Hampshire
SHISEIDO
Bareminerals Account Manager - Debenhams, Ipswich (37.5)
Permanent · Ipswich
JASON ALEXANDER
Christmas Sales Opportunities - London & Bicester
Temp/seasonal · LONDON
FSD
Photography Internship
Internship · BLACKBURN
ARCADIA GROUP
Billing Administrator (Leeds)
Permanent · Leeds
BURBERRY
Sales Associate - Bicester Village (Full-Time, Temporary)
Fixed-term · BICESTER
SO LABELS
Fashion Designer
Internship · LONDON
BLUE WASH LIMITED
Intellectual Property/Art Paralegal Intern
Internship · LONDON
VICTORIA'S SECRET
Seasonal Associate-Arndale Victoria's Secret Pink
Fixed-term · Manchester
BENSON & CLEGG
Retail & E-Commerce Internship
Internship · LONDON
Advertisements
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 © 2020 FashionNetwork.com All rights reserved.