// Boux Avenue has hired Deloitte advisers to begin strategic review
// The advisers could launch an insolvency process in a bid to close stores
// Boux Avenue has around 30 stores across the UK
Boux Avenue has appointed restructuring experts to begin a strategic review of the business.
The lingerie retailer has drafted in advisers from Deloitte as it mulls a launch of an insolvency process to close stores.
A decision from the review will be made in a couple of weeks, The Sunday Times reported.
- Theo Paphitis’ Ryman & Robert Dyas grow but rent cuts sought for Boux Avenue
- Boux Avenue hires merchandising director from M&S
Boux Avenue has around 30 stores across the UK and is faced with the pressure of increased rent bills.
Founder Theo Paphitis, who is best known for his appearances on the BBC TV programme Dragons’ Den, said he began negotiating rent cuts with landlords back in January.
He also owns Ryman and Robert Dyas, and has previously criticised Boux Avenue’s “significantly above average” rent bills.
Last month, the Theo Paphitis Retail Group recorded tough trading for Boux Avenue as overall like-for-like sales declined by 1.3 per cent during the six weeks to December 24.