Peter Werth is set to pull the shutters on its entire physical estate as it struggles in the face of difficult market conditions, according to Drapers.
The men’s fashion retailer will close its two bricks-and-mortar stores in London’s Covent Garden and Eastcastle Street. All of its concessions in House of Fraser, Sole Trader, Schuh, Topman, Banana Connection and Ice Menswear will also stop trading.
It will continue to trade online through its own website as well as through House of Fraser’s.
A source told Drapers that several people have left the business following the closures but a figure has not yet been confirmed.
Just two years ago the retailer announced plans to increase its physical presence in the UK, targeting large cities and key independent retailers, but this has reportedly not been “economically viable” and the brand has been forced to scale back.
In 2011 Peter Werth fell into administration before its parent company, which also owns Pink Soda, was bought out by JD Sports for an undisclosed sum, salvaging 68 jobs.
