White Stuff reviews property portfolio as lockdown continues
White Stuff has become the latest UK retailer to launch a review of its store portfolio with PHD Property looking at its 115 UK shops, which are currently shut due to the latest lockdown.
A Property Week report suggested that a company voluntary arrangement is a possibility, although the firm is also exploring "a wide range" of options.
White Stuff cut almost 400 jobs last summer as the effects of the pandemic were felt and it also expanded its digital focus with a debut on QVC UK last autumn.
But the enforced closure of stores due to lockdowns has still hit it hard, just like almost every other retailer in Britain, and focusing on profitable locations while getting rent costs under control is clearly a focus.
“In light of the current trading environment, we have taken the decision to appoint PHD Property to fully review our property estate and to assist in the realignment of our rental commitments,” said CEO Jo Jenkins.
While the job cuts in 2020 had included nearly 300 store staff (in addition to HQ-based employees), the company had said at the time that it wasn’t planning to close any stores.
But we have to assume that store closures could be on the table if the company can’t achieve rent deals that make all of its stores viable.
While most of the stores are in the UK, it has more than 130 locations in total with international stores added in.
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