By guest author Elias Jahshan from Retail Gazette
By guest author Elias Jahshan from Retail Gazette
Gerry Weber has confirmed plans to close down its stable of UK stores as part of a wider restructure undertaken by its parent company.
- Gerry Weber confirms plans to close down its UK store estate by October
- Part of restructuring undertaken by Germany-based parent company
- Gerry Weber will still have a presence in the UK through wholesales
The German fashion retailer said it would close down the stores by the end of October, but will maintain its wholesale business in the UK, which includes around 100 stockists.
The store closures will affect scores of Gerry Weber shop floor staff across the country.
It is still not exactly clear how many UK stores Gerry Weber has, nor how many staff it employs.
However, the most recent annual report from Gerry Weber International for the 2016/17 financial year stated the retailer had 26 stores in UK and Ireland.
“In the UK, Gerry Weber will concentrate its operations on its wholesale business, to grow with its business partners,” the retailer said.
The store closures form part of Gerry Weber’s wider restructuring, which started back in January.
At the time, it said it would restructure the business by closing 230 stores and slash up to 900 jobs – both in Germany and internationally.
Earlier this month, the retailer announced it secured an investment agreement for Gerry Weber International with funds managed by Robus Capital and Whitebox Advisors that will see it receive a EUR 49.2 million (GBP 44.2 million) cash injection.