Baird Group tailors proposal for restructuring
By Rob Freeman | 10th August 2020
Fashion wholesaler and licensee Baird Group has launched a CVA proposal which could see more than 250 job losses.
The menswear business is a licensee for Suit Direct, which has a branch at Gloucester Quays, and operates concessions for Debenhams for brands such as Ben Sherman, Jeff Banks and Racing Green.
If the CVA proposal is agreed by at least 75 per cent of creditors, a restructuring plan will see 18 shops, one warehouse and an office close with changes - including rent negotiations - at a further 29 outlets.
It is expected to mean 264 redundancies in retail and distribution, largely covering its business with Debenhams.
Chief executive Mark Cotter said: "The extraordinary circumstances that Baird has faced as a result of the global pandemic, coupled with the challenges presented to our business by the administration of Debenhams, prompted us to conduct a strategic review of options in order to safeguard the future of our business.
"As a result of this review, we have formulated a three-year plan to refocus on our core retail outlets - Suit Direct and Ben Sherman - the continue growth of our wholesale business and further expansion of our online business.
"The board firmly believes that the CVA and the wide recovery plan will create a solid platform for a successful and sustainable business for many years to come."
The company has been working with KPMG to draw up the planned restructuring and CVA proposal.
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