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.