Clothing & Shoes

Jigsaw eyes CVA plans

Fashion retailer Jigsaw is reportedly set to launch a CVA proposal in the coming week as the ongoing impact of the coronavirus takes its toll on the UK high street.

According to Drapers, the womenswear retailer is set to take action a month after it brought in auditing firm KPMG to look at rent negotiations with landlords.

It is thought that Jigsaw, which employs around 900 people, will permanently close an “unspecified number” of its 75 UK stores as part of the CVA. 

Last month, it was revealed that, along with KPMG, jigsaw had also appointed Cavendish Corporate Finance to seek out interest from potential buyers or external investors. 

At the time 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. 

Retail Sector has contacted Jigsaw for comment

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