UK's Austin Reed posts FY loss
According to accounts filed on Companies House, British tailor Austin Reed's losses widened to £5.4m in the year to 31 January. This is up from the company's £1.3m loss in the previous year.
Turnover fell 7.8% to £100.5m from £109m. The company, which also has the CC and Viyella womenswear labels, blamed the loss on the closure of 20 stores during the year. Austin Reed is set to close another 31 stores this year.
In its accounts filing, the company stated that: "The Web is now the biggest store and this sizeable operation is bringing new opportunities and challenges."
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