Jigsaw weighs sale
Jul 20, 2020
The board of fashion brand Jigsaw has appointed financial advisers to explore a potential sale.
The company, which is owned by The Carphone Warehouse co-founder David Ross, has hired advisers from KPMG and Cavendish Corporate Finance to oversee rent negotiations with landlords and study options for the business.
City sources told Sky News that the board is considering a possible sale or the recruitment of a new external investor.
The revelation comes just over two years after Ross acquired the high street fashion retailer as part of a rescue deal.
According to insiders, the chain is expected to permanently close a number of its stores, regardless of the outcome of its talks with landlords. A staple of the UK high street, Jigsaw has approximately 75 stores and employs over 900 people.
The past year has seen the brand retreat from Australia and the US and focus on its core womenswear collection in a bid to streamline operations.
But the company has been hit by the same forces that have affected the retail sector in recent months, with some of the UK’s largest chains announcing hundreds of job cuts and store closures following the Covid-19 pandemic.
A Jigsaw spokesperson said: "We are confident that Cavendish and KPMG are the right partners to undertake this strategic review of our business.
“Jigsaw is a valued British heritage brand and the board is determined to do all it can to steer the company and its staff through this incredibly challenging time.”
Copyright © 2020 FashionNetwork.com All rights reserved.