Premium menswear retailer Austin Reed has reported ballooning full-year losses and falling sales in the year to January 31.
The retailer’s pre-tax losses widened from £1.3m to £5.4m over the period, dragged down by a number of “significant loss-making stores”.
Austin Reed closed 20 stores in the year, and since year end conducted a Company Voluntary Agreement which resulted in the closure of around 30 further stores. The CVA was passed in February, and that, along with a loan from investment firm Alteri in May, provided a lifeline for the struggling business.
In the year turnover fell 7.8% to £100.5m, which the retailer blamed in part on the store closures, according to documents filed at Companies House.
Austin Reed, which is owned by Darius Capital, also plans to exit its flagship on Regent Street as part of its turn around efforts.