Baird Group launches proposals for CVA
Baird Group, the licence holder of Ben Sherman and Suits Direct, has launched company voluntary arrangement proposals under which 18 stores will close if the plans are approved.
The proposals also include the closure of one office and one warehouse and the cutting of 264 jobs across retail stores and the company’s distribution operations. Most of the affected jobs will be in concessions in Debenhams department stores.
Mark Cotter, Baird Group chief executive, said: “The extraordinary circumstances that Baird has faced as a result of the global pandemic, coupled with challenges presented to our business by the administration of Debenhams, prompted us to conduct a strategic review of options in order to safeguard the future of the business.”
After having asked KMPG to advise on options for the business, the company will follow a new three-year plan for its retail stores and wholesale operations and will also grow its online business.
Cotter added: “It is with deep regret that we will have to lose a number of our much-valued colleagues as we restructure our business. However, the board firmly believes that the CVA and the wider recovery plan will create a solid platform for a successful business for many years to come for all our employees and stakeholders.”
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