// Menswear supplier Prominent Europe is set to wind down & cease business
// The business cited “unprecedented” changes in the menswear tailoring market as the reason
Menswear supplier Prominent Europe, which owns Chester Barrie and supplies TM Lewin, Moss Bros and more, has proposed an orderly wind-down and closure of its business.
The Nottingham based company, owned by Japanese trading company Itochu Corporation, stated the decision was due to “unprecedented” changes in the menswear tailoring market.
The supplier, which was founded in 1993, has 40 employees who have now been placed into collective consultation.
Prominent Europe wrote to employees and customers last week to inform them of the news.
“Our business has been severely impacted by the unprecedented changes seen in the retail clothing market,” the letter read.
“After deep consideration and with a heavy heart we have had to announce to our employees a proposal to wind-down and close our business over the next year in an orderly manner whilst satisfying our orders and liabilities.
“There will now be a collective consultation period with our employees to discuss the proposals.
“We wanted to make you aware of this proposal to keep you informed because we recognise that, as well as being deeply upsetting for those in our business, it will also be concerning for those of you who work with us.
“Your support and understanding during this period will be much appreciated.”
Former Prominent Europe clients said the closure was a reflection of the challenging menswear tailoring market.
The latest results for Prominent Europe show that revenue decreased 6.1 per cent to £128m in the year to March 31, 2019, compared to an increase of 6.6 per cent in the year to March 2018.