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Gieves & Hawkes at risk of permanent closure as owners in debt

Savile Row tailor Gieves & Hawkes is at risk of closing permanently after 250 years of trading, as its parent company faces a debt crisis. The… View Article

FASHION RETAIL NEWS UK

Gieves & Hawkes at risk of permanent closure as owners in debt

Savile Row tailor Gieves & Hawkes is at risk of closing permanently after 250 years of trading, as its parent company faces a debt crisis.

The tailor, which is situated in London’s famous Savile Row, could face being wound up if a rescuer is not found. Its sister company Kent & Curwen is also at risk of shutting down permanently.

The brands are owned by Trinity Limited, a Chinese company controlled by the Shandong Ruyi Technology Group, which is struggling with a debt crisis. The winding-up order follows a failed attempt by Trinity to appeal against creditors.

A vote in Hong Kong on November 4 will settle the brands’ fate.

A restructuring firm has been called in as liquidators seek a buyer. The greatest chance of finding a new buyer is to put Gieves & Hawkes into liquidation, but if no one is found it could spell the end of the business.

Gieves & Hawkes traces its roots back to 1771, when Thomas Hawkes opened his first shop in Brewer Street selling military outfits to commanders of the army and Royal Navy. Gieves was founded in 1785 and acquired Hawkes in 1974 along with the freehold of 1 Savile Row. Gieves & Hawkes holds a royal warrant by appointment to The Queen and the Prince of Wales.

 

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