// Jigsaw board begins landlord negotiations and mulls potential sale
// Advisers drafted in to lead a strategic review of the retailer
// An unspecified number of Jigsaw’s 75 stores could also be at risk of closure
Jigsaw has reportedly called in advisers to put together a strategic review that could potentially lead to a sale of the business or closure of a raft of stores.
According to Sky News, the retailer’s board drafted in KPMG to oversee rent negotiations with landlords, as well as Cavendish Corporate Finance to help gauge interest from prospective buyers or new investors.
Sources speaking to Sky News said that regardless of how talks with landlords eventuate, Jigsaw could permanently close an unspecified number of its 75-strong store estate.
READ MORE:
- 6 Jigsaw board members step down in wake of coronavirus
- Karen Millen’s ex-CEO Beth Butterwick joins Jigsaw to “work on a project”
- Jigsaw seeks 30% rent reduction from landlords
The fashion retailer employs around 900 people.
David Ross, who also founded Carphone Warehouse, acquired Jigsaw in 2018.
Under his leadership, the retailer had streamlined its operations, dropped non-core areas like menswear, and exited the Australian and US markets.
“We are confident that Cavendish and KPMG are the right partners to undertake this strategic review of our business,” a Jigsaw spokesperson said.
“Jigsaw is a valued British heritage brand and the Board is determined to do all it can to steer the company and its staff through this incredibly challenging time.”
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2 Comments. Leave new
Jigsaw have lost their way. Canterbury still hasn’t re-opened all stock cleared and shop empty and lease expires in January 2021 so very unlikely to reopen in my view.
8 Jigsaw stores have been confirmed on Jigsaw website’s as shutting including Birmingham, Newbury, Exeter, Canterbury, Glasgow, Parson’s Green, Putney and Westfield store in London.
The Canterbury store was near to lease expiry so I’m not surprised though Birmingham and Glasgow’s which was a flagship I am.