// Charles Tyrwhitt co-founder Peter Higgins says they could shut down “a few more” stores
// Comes after co-founder Nick Wheeler last week revealed 250 job cuts and 4 store closures
Charles Tyrwhitt co-founder Peter Higgins has reportedly warned the retailer could permanently shut down a further number of stores as a result of to the pandemic.
According to Drapers, Higgins said that despite being on good terms with landlords, ” a few more” Charles Tyrwhitt stores could face the axe due to the costs associated with keeping them amidst low footfall numbers amidst the pandemic and lockdowns.
The news comes shortly after co-founder Nick Wheeler told The Times last week that Charles Tyrwhitt reportedly axed around 250 jobs – out of a total of 1000 staff – and permanently shut down four out of its 452 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.
However, Wheeler said sales at Charles Tyrwhitt “literally fell off a cliff” last year due to lockdowns and working from home restrictions.
He also said 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 suit up and 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.