UK menswear retailer Moss Bros is undergoing a restructuring after its sales continued to be hit by the cancellation of Royal Ascot horse racing event and the ban on large weddings. It has hired advisers from KPMG to consider a company voluntary arrangement (CVA), which would result in the closure of some of its stores while also reducing rents on others.

Crew Clothing owner Menoshi ‘Michael’ Shina had acquired the company for £22 million on March 12, less than two weeks before all non-essential retailers were ordered to close by the government. Shina unsuccessfully attempted to retract the deal, according to a British newspaper report.

Moss Bros has 125 stores across the UK and employs around 1000 people.

The board of Moss Bros had agreed to the terms of a cash offer of 22p per share by Brigadier Acquisition Company in March. As the acquiring parent company already has a board, the Moss Bros board is being dismantled.

Last month, Moss Bros saw its non-executive chairman Colin Porter step down, along with several other directors as it transitioned to a private company.

Fibre2Fashion News Desk (DS)

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