// Charles Tyrwhitt sales “fell off a cliff” last year amid lockdown & working from home restrictions
// It also axed around 250 jobs – out of a total of 1000 staff – and permanently shut down 4 shops
// Charles Tyrwhitt also made a loss for the year to July, compared to profits of £11m the year prior
Charles Tyrwhitt founder Nick Wheeler has said sales at the menswear retailer “literally fell off a cliff” last year amid lockdown and working from home restrictions.
However, in an interview with The Times, he expressed hope that the sales would make a come back later this year when delayed events such as weddings can go ahead again.
Charles Tyrwhitt reportedly axed around 250 jobs – out of a total of 1000 staff – and permanently shut down four shops last year.
The retailer’s remaining 38 stores have managed to survive lockdowns and other restrictions by way of rent holidays, rent cuts, and furloughed staff.
Wheeler also told The Times that he also took a bank loan for Charles Tyrwhitt, and that the retailer made a loss for the year to July.
While an exact figure was not revealed, it compares to the underlying profits of £11 million recorded the year prior, which was achieved on the back of turnover of £189 million.
He attributed the loss in the most recent financial year to consumers reining in their spending, coupled with lockdown, cancelled social events and people being forced to work from home rather than go to the office.
However, Wheeler said that if the vaccine were to be rolled out quickly and Covid restrictions were to be lifted before the summer, it could mean Charles Tyrwhitt breaking even this year.