// Fenwick aims to be last department store standing amid pandemic
// The family-owned department store business is preparing to reopen from mid-April
// Losses widened from £44m to £47m for the year to the end of January 2020
Fenwick chief executive John Edgar has reportedly said the department store chain is one of the “few credible premium retailers left” as it prepares to reopen from mid-April.
The family-owned department store business has brought shop staff back from furlough, added new clothing and furniture brands and is preparing to launch a vegan restaurant by a Michelin-starred chef in one of its stores.
However, Edgar said Fenwick expects a “slow recovery” once its nine UK shops reopen, The Telegraph reported.
READ MORE: Fenwick losses deepen amid sales drop
Fenwick’s most recent accounts for the year to the end of January 2020 showed losses widening from £44 million to £47 million for the year to the end of January 2020.
It has also taken out a £40 million loan from Lloyds in June, which the company says it hasn’t drawn on, and has a pension deficit of £28.5 million.
Last year, Fenwick received approval to turn the upper levels of its Bond Street store in London into offices as it sought to make use of extra space.
Meanwhile, Edgar said the 138-year-old retailer has also had to contend with the shift to online shopping as Covid-19 led to store closures and more Brits shopping from home.
Similar to John Lewis and Marks & Spencer, Fenwick has added 140 new labels to its offering over the last 12 months.
Click here to sign up to Retail Gazette’s free daily email newsletter
