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Moss Bros to resume online trading

Moss Bros is to resume trading online tomorrow after implementing changes to its operations to enable social distancing. The men’s formalwear retailer is also preparing to… View Article

FASHION

Moss Bros to resume online trading

Moss Bros is to resume trading online tomorrow after implementing changes to its operations to enable social distancing.

The men’s formalwear retailer is also preparing to re-open its stores in June if the government eases covid-19 lockdown restrictions.

In today’s announcement, Moss also said it is confident that the business has sufficient cash resources to continue trading through the second half of its financial year and beyond.

Back in March, the retailer said it was taking all necessary steps to reduce costs and conserve cash due to the coronavirus outbreak.

Since then, the business has introduced a range of cost-saving measures including furloughing employees through the government’s job retention scheme, making some redundancies, and implementing salary cuts for continuing employees. In addition, board members have reduced their salaries and fees by between 60% to 70%.

Moss has also been negotiating with suppliers regarding discounts and extended payment terms and with landlords regarding rent holidays or deferrals.

 

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