Moss Bross considering closing stores in rescue deal

Moss Bros considering closing stores in rescue deal

A Moss Bros shop Image copyright Getty Images

Suit maker Moss Bros is considering shutting shops as part of a rescue plan for the chain, the BBC understands.

The firm, which has 125 stores and 1,000 staff, has been hit by Covid-19 restrictions on big events such as Royal Ascot and large weddings.

It has hired auditors KPMG to prepare it for a company voluntary arrangement, which would enable it to close some shops and reduce its rent on others.

The chain's owners did not immediately respond to a request for comment.

KPMG also declined to comment on the news.

Moss Bros was acquired by Menoshi "Michael" Shina, who also owns Crew Clothing, for £22m in early March, two weeks before lockdown kicked in.

Mr Shina later tried to cancel the deal after all non-essential retailers were ordered to close, but was unsuccessful.

In July, City shirtmaker TM Lewin announced it would close all 66 of its UK shops.

It said most of its 700 workers would be laid off as it takes all of its sales online, to help cut costs.

A host of other high street businesses have announced closures and job cuts due to the impact of the pandemic.

Recent examples include: