Danish fashion giant Bestseller, which owns young fashion brands Jack & Jones and Vero Moda, is to restructure its UK retail business after conducting a review.

Bestseller’s UK and Ireland manager Allan Nielsen explained he has carried out an evaluation of all stores and is now closing its loss making shops.

“I have looked at each store and the multi-brand business isn’t really working as well as our single brand strategy,” he told Retail Week’s sister magazine Drapers.

As a result, over the next three years Bestseller will close around five of its multi-brand stores. At the same time it will open 15 to 20 new stores, which will be a mix of its menswear label Jack & Jones and its womenswear counterpart Vero Moda. Sources told Drapers that the Oxford Street store, for which Bestseller holds a lease that runs to 2021, had been put on the market as part of this move.

Nielsen said the multi-brand stores had not been as successful as its standalone Jack & Jones outlets, which launched in the UK during 2000. Vero Moda debuted in the UK in 2007.

“We decided to put the Oxford Street store on the market because it’s a multibrand store, however nothing has been decided. We will look at opening a Jack & Jones store on the same street when the right location is offered to us,” he added.

“This ought to have a positive headline, as we are upping our game,” said Nielsen. “We are looking for smaller stores in better locations. We will keep some of the multi-brand stores, but we are just looking at the ones that are healthy.”