Men‘s fashion retailer Hawes & Curtis, which is owned by Dragons Den star Touker Suleyman, has revealed plans to pull the shutters on a number of stores amid a “perfect storm for retail”.
Losses dived further last year, dropping from £634,000 in 2015 to £2.6 million while sales dipped 0.4 per cent to £25.5 million.
The millionaire owner stated loss-making London stores in High Street Kensington and Oxford Street would be closed by the end of the year, alongside previous closures in Glasgow, Kingston and Victoria.
Despite margins being battered by rising rent and business rates prices, alongside declining footfall and Brexit induced cost pressures, Hawes & Curtis will open a store on Tottenham Court Road to its estate later this week.
“It‘s been a perfect storm for retail… but this year we have cut a lot of overheads and the business is back on track,” Suleyman said.