Unprecedented Retail Uncertainty Forces Further Store Closures
- Jack Wills closed 17 more stores
- Frasers Group acquired Jack Wills in August 2019
- Total store closures since acquisition: 33
- Landlords need to have meaningful discussions
British fashion brand Jack Wills, which was saved from administration by Frasers Group plc in August 2019, has announced the immediate closure of another 17 stores. This brings the total number of store closures announced over the last week to 22. Frasers Group, owned by Mike Ashley, acquired Jack Wills from administrators KPMG after accepting a £12.75m offer in August last year. The group has been working closely with landlords to save stores and livelihoods since acquiring the brand but now faces unprecedented retail uncertainty. Frasers Group closed nine Jack Wills stores last week in Abersock, Aldeburgh, St Andrews, Dartmouth, Harrogate, St Ives, Lincoln, Rushden Lakes, and Southwold. A spokesperson for the group said: ‘The group has been working closely with landlords since acquiring Jack Wills to save as many stores – and livelihoods – as possible. Now faced by unprecedented uncertainty in the retail environment, these closures are inevitable unless landlords are willing to come forward quickly and finally have meaningful discussions.’
Factuality Level: 8
Factuality Justification: The article provides accurate information about Jack Wills store closures and Frasers Group’s acquisition of the brand. It also includes a statement from a spokesperson for the company explaining their efforts to save stores and livelihoods. However, it lacks some details on the overall financial situation or reasons behind the closures.
Noise Level: 4
Noise Justification: The article provides relevant information about store closures and the company’s efforts to save stores and livelihoods but lacks in-depth analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Jack Wills and Frasers Group
Financial Rating Justification: The article discusses the closure of Jack Wills stores, which impacts the financial performance of both companies involved in the acquisition.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article.
www.retailsector.co.uk 
