Handbag maker Aspinal of London has become the latest retailer to launch a Company Voluntary Arrangement restructure proposal that would see it shut stores.
The company, majority-owned by chairman Iain Burton, has “been impacted profoundly by the impact of the Covid-19 pandemic on consumer confidence and footfall”, according to KPMG, which is advising the brand.
Aspinal, founded in 2004 and employing over 300 staff, is looking to potentially close 10 standalone stores, most of which have not reopened from lockdown.
It would keep concessions in Harrods and Selfridges. Its online business would also continue to operate.
Will Wright, proposed nominee of the CVA and partner at KPMG, said: “Covid-19 has presented a number of challenges for those operating in retail and the luxury goods sector, not least the impact of reduced footfall across high street stores.”
He added: “If approved, the CVA proposal provides Aspinal with a platform from which it can refocus its business on its core online and premium concessions channels, providing a solid and sustainable grounding for the future.”
