Moss Bros relaunches e-commerce, remains debt-free

Moss Bros is relaunching its online operations on 13 May after closing them eight weeks ago due to Covid-19.

The British menswear tailoring brand announced on Tuesday it has implemented necessary changes to its e-commerce operations to allow its workers to safely return to work under the government’s recently updated guidance.

The company also said it is “developing plans to reopen its stores in an orderly manner” after prime minister Boris Johnson said on Sunday evening that ‘non-essential’ stores in the country could reopen from 1 June.

The brand said it has implemented various cost-cutting measures to help it survive the difficult trading period. They include accessing the government's Coronavirus Job Retention Scheme; making redundancies “where necessary and unavoidable”; implementing “significant” salary reductions for continuing employees; pausing all non-essential capex; and negotiating discounts and extended payment terms with suppliers and rent holidays and deferrals with landlords.

Moss Bros remains debt-free, provides no update on takeover

In March, Moss Bros warned of a significant reduction in revenue and profitability for the year ending 30 January 2021, but said that prior to 13 March it had been trading as expected.

“The board is now confident that the group has sufficient cash resources to continue trading through the second half of FY21 and beyond. The group remains debt-free and retains cash in the bank,” the company said Tuesday.

Last month, the future of the brand was cast in uncertainty after Crew Clothing owner Brigadier Acquisition Company Limited tried to pull out of its planned 22.6 million acquisition of the brand.

Moss Bros said last month it was opposing Brigadier’s decision. “The board confirms that it will take all necessary action to make its case that those requirements have not been met and that the offer should not therefore be permitted to lapse,” it said.

The company gave no update regarding the takeover in its statement.

Photo credit: Moss Bros, Facebook

 

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