The closures in question would relate to around a third of the store portfolio and the parent company are also seeing rent cuts with landlords.
According to the Financial Times, Baird Group, which also owns Jeff Banks and Suit Direct, has launched a CVA proposal and has already kicked off negotiations with creditors.
The CVA includes plans to close down 18 standalone stores, rent reductions and making 262 redundancies, roughly a third of Baird Group’s total workforce.
Baird Group Chief Executive Mark Cotter told the Financial Times that the business would pursue a restructuring that would “create a solid platform for a successful and sustainable business for many years to come”.
The idea behind these possible closures is to allow the business to focus on the largest retail units of Ben Sherman and Suit Direct while at the same time expanding its online presence.
