By guest author Elias Jahshan from Retail Gazette
- Harvey Nichols drafts in restructuring experts from PwC
- Only 4 out of its 8 stores in the UK & Ireland have re-opened since lockdown
Harvey Nichols has reportedly taken a significant step towards launching a business restructure after calling in advisers to examine its options.
According to The Times, the luxury department store chain drafted in restructuring experts from PwC as only four out of its eight stores in the UK and Ireland have re-opened since lockdown.
The retailer’s Bristol, Birmingham, Liverpool and Dublin locations remain closed as low tourist arrivals and working from home mean city centre shopping districts are empty.
Harvey Nichols is reportedly is reviewing the viability of the store estate in light of the coronavirus pandemic, as well as its financing requirements.
It comes after Harvey Nichols CEO Manju Malhotra last month warned staff that the pandemic has “changed the shape of the business”, adding that there may be staff redundancies.
Harvey Nichols posted sales of £91 million in the year to the end of March 2019 and pre-tax profits of GBP 2.7 million.