Plus-size fashion group N Brown has revealed plans to slim, shutting several stores including its Oxford Street site due to weak footfall and business rates rises.
The company said five shops housing products from its Simply Be and Jacamo brands will close by the end of August at a cost of £10 million to £14 million.
Boss Angela Spindler said business rates, which rocketed for many businesses in the capital after an April revaluation, played a role in the decision to leave Oxford Street and called for reform of the property tax. It now has 10 stores.
“The kind of actions we are taking today will hopefully stimulate further consideration of the matter.”
N Brown, which has been transitioning from a catalogue to online retail, also reported a 5.6% rise in first-quarter revenue.
Ladieswear and swimwear, modelled by Lisa Snowden for the group’s JD Williams brand, were particularly strong.
The shares leapt 34p, or almost 12%, to 318.75p.
