Fenwick is the latest retailer to seek help with ongoing financial woes. It has called in AlixPartners to advise how it can turn its loss-making business around without, it hopes, closing any of its stores.
Fenwick has eight stores currently and for the year to January 2024 posted a pre-tax loss of £38m which was up from the loss of £28.4m the previous year.
The family-owned business has been addressing its problems and sold off its London Bond St store in 2022, raising £430m but has since faced flagging sales along with spiralling costs – issues which are being felt across the retail sector.
Notably, Beales which has traded as a department store since 1881 is to close its last remaining store in May. This is understood to be in response to the additional burdens of both higher national insurance contributions and the increase to the minimum wage.
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