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SRG to shut down 42 high street stores
08 Mar '10
1 min read
A menswear group that sells its products under the 'Suits You' and 'Racing Green' brands has secured a deal, which saved it from extinction, but will have to close about 42 of its stores. The Specialty Retail Group (SRG) also owns Young's Hire business.
It has received the support from about 98 percent of the landlords of its stores for turnaround plans which will facilitate the company to pay low rent for unprofitable stores and shut down under-performing sites.
About 300 employees of the company have been saved from lay-offs, but around 42 of its total 73 outlets will be closed down within 18 months. Out of these 42 most of the stores are positioned on high streets.
It has received the support from about 98 percent of the landlords of its stores for turnaround plans which will facilitate the company to pay low rent for unprofitable stores and shut down under-performing sites.
About 300 employees of the company have been saved from lay-offs, but around 42 of its total 73 outlets will be closed down within 18 months. Out of these 42 most of the stores are positioned on high streets.
Fibre2fashion News Desk - India
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