Aurora Fashions looking to reduce store portfolio

Aurora Fashions is looking to reduce its store portfolio

by up to a quarter, its chief financial officer has said, as the retail group looks to negotiate with its landlords to reduce rents and get out of onerous lease agreements.

The parent company of Oasis, Warehouse and Coast, which is currently undergoing a wider restructure to separate its core brands, is said to be looking at scaling back its UK operation by 25 percent, according to The Sunday Express.

Chief financial officer Richard Glanville told the newspaper that the group was “seeking rent reductions” and if a reduced rate could not be achieved that they would be forced to “pull out of stores”.

He added: “Fashion retailing is increasingly going online and times are extremely tough for bricks and mortar operators.

“We are reviewing our entire store portfolio and are in daily discussions with landlords. We want to reduce our store portfolio in the UK by 25 percent over the coming years.”

This news comes just days after it emerged that credit insurers had reduced cover for the retailer’s supplier base following the news of the restructuring and the departure of chairman Derek Lovelock.