THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Moss sells eight Cecil Gee stores for £1.7 million

Menswear retailer Moss Bros has announced that it has sold eight of its nine Cecil Gee stores to JD Sports Fashion for £1.7 million in cash.

CITY & CORPORATE

Moss sells eight Cecil Gee stores for £1.7 million

Menswear retailer Moss Bros has announced that it has sold eight of its nine Cecil Gee stores to JD Sports Fashion for £1.7 million in cash.

The remaining Cecil Gee store in Glasgow will be converted to a new format Moss store in the next few weeks.

The sale, along with the disposal of 15 Hugo Boss franchised stores earlier in the year, will help to  focus growth and resources on the core Moss business which would result in a much simpler business model, the retailer said. 

The cash proceeds of the disposals will provide funding for the redevelopment of Moss branded stores, investment in service experience, the roll out of new pilot initiatives such as Moss Bespoke, and the development of a customer relationship management system to leverage the value of the hire business, Moss said.

Excluding Cecil Gee, the company's like-for-like sales for the 20 weeks to 18 June were up 13.4%.

Commenting on the disposal, Brian Brick, Chief Executive of Moss Bros, said: "This is another significant milestone in delivering the strategy we set out of leveraging the core Moss business. Having restored the quality of our product offering and continued the strong momentum in positive like-for-like sales, this transaction will give us the opportunity to accelerate investment and development of the brands which we own, from a position of operational focus and financial strength."

He added: "Although we are ever mindful of the fragile trading conditions in the UK, we are making good progress towards leadership of the attractive niche which we have as the UK's number 1 branded suit specialist."

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‘small and beautiful’ solutions can increase your conversion rates within just a few weeks.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process