370 Suits You jobs to be axed
Around 370 jobs are to be axed under plans to close troubled menswear chain Suits You after its parent group collapsed in administration, it was announced today.
Zolfo Cooper, administrators of Speciality Retail Group (SRG), said they would shut all 66 stores after failing to find a buyer for the business.
Six stores will close next week, impacting 25 staff, while many of the remaining stores will trade through the busy Christmas period before closing.
Some employees will be retained to staff the shops over Christmas, added Zolfo.
The six stores to be closed initially are based in Merryhill, Bromley, Romford, Birmingham Bull Ring, Birmingham Fort and Nottingham.
SRG went into administration late last month after trade suffered in recent months.
The firm's administration comes less than a year after SRG agreed a rescue deal with landlords in an effort to keep afloat.
Fraser Gray, partner at Zolfo Cooper, said: "We looked at trading the business in the longer term, however this has not proved to be financially viable.
"In the absence of a going concern buyer, the best alternative is an extended trading period through Christmas.
"This will provide some employees with ongoing employment during the festive season and we are expecting a busy period due to substantial discounting."
While all Suits You stores will close, some of which house Young's Hire, the brands are owned by a separate firm called Baird Group, which remains unaffected by the administration of SRG.
However, both SRG and Baird are headed by chairman Peter Lucas.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 3 Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
- 4 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
- 5 UK weather: 'Coldest night of the year' tonight as freezing temperatures plummet to -10C
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
AirAsia flight QZ8501 missing: Search for plane carrying 162 passengers from Indonesia to Singapore suspended overnight
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...