Struggling Jigsaw has taken the axe to stores, clothing lines and overseas operations after the Covid-19 lockdowns cost it more than £30million.
The fashion retailer said it launched a review of costs following pandemic restrictions that forced all of its UK shops to close.
This prompted bosses to close the ‘non-core’ Australian business and led to the menswear range being completely binned as well, with Jigsaw instead vowing to return to its roots as a women’s brand.
Struggling womenswear retailer said it launched a review of costs following pandemic restrictions that forced all of its UK shops to close
On top of this, the company said it was planning to become ‘digital first’, following the agreement of a rescue deal in September that will see it shut 19 shops.
The company said it lost £31million worth of sales due to the Covid-19 lockdowns closing all 77 of its shops and 42 concessions.
Around 60 per cent of its sales were made online, it said.
As a result of changes to its accounting periods, it said sales rose from £102million to £129million in the 70 weeks to February 1, 2020, while its losses narrowed from £10.5million to £7.5million.
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