The UK division of Canadian footwear specialist Aldo has collapsed into administration, blaming its travails on the impact of the coronavirus pandemic.
The retailer said it had closed five of its standalone UK stores and appointed professional services firm RSM to explore options for the remaining eight.
In a statement, the retailer said the store closures were a result of the ongoing coronavirus and the “unprecedented collapse” in the UK driven by consumer behavioural changes pre-coronavirus.
The Aldo Group said: “The move was necessary based on the impact of the Covid-19 pandemic, as well as historic profitability challenges and the unprecedented collapse in retail spending in the UK and globally. These factors put too much pressure on the business to continue operating in the UK.”
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.