Jigsaw has reportedly drafted in advisors to lead a strategic review of the fashion chain, which could see the business change hands in a potential sale.
According to Sky News, the retailer’s board will work alongside two firms of advisers to oversee rent negotiations with landlords and seek out prospective buyers for the chain.
Sources told Sky that KPMG would lead the discussions with landlords, while Cavendish Corporate Finance would seek out interest from potential buyers or external investors.
“Regardless” of the outcome of discussions with landlords, Jigsaw, which employs about 900 people, is expected to permanently close an “unspecified number” of its 75 UK stores.
A Jigsaw spokesperson told Sky News: “We are confident that Cavendish and KPMG are the right partners to undertake this strategic review of our business.
“Jigsaw is a valued British heritage brand and the Board is determined to do all it can to steer the company and its staff through this incredibly challenging time.”
David Ross, the current owner of Jigsaw, first acquired the group in 2018, and during his tenure the chain has streamlined its operations and retreated from its Australian and US markets.