Struggling menswear retailer Moss Bros has drafted in KPMG as it considers closing stores and slashing jobs in a bid to ride out the pandemic.
The business has been hit hard by coronavirus restrictions on big annual events such as Royal Ascot, as well as large weddings and other formal events, and as a result is mulling a CVA, according to The Sunday Times.
In the latest blow to high street landlords, the retailer has drafted in KPMG to advise on a company voluntary arrangement to permanently shutter some of its 125 stores and slash rents on others.
The retailer was acquired by Menoshi Shina, the owner of American fashion brand Crew Clothing, for £22m two weeks before the start of lockdown.
As a result of lockdown and the closure of all non-essential retailers, Shina tried to renege on the deal but was ultimately unsuccessful.
The formalwear sector has been badly affected by the ongoing pandemic, with formal events cancelled and the demand for office attire slumping with the majority of the workforce still working from home.
In July, shirtmaker TM Lewin announced it would close all 66 of its UK shops and lay off the majority of its 700 staff.
Other high street retailers have also struggled, such as Monsoon and Accessorize, which announced the closure of 35 stores earlier this year with the loss of more than 500 jobs.
M&S has also announced plans to slash 7,000 jobs over the next three months, while Debenhams is gearing up to jettison 6,500 roles and close a further 20 stores.