Blue Inc, the fast fashion chain once chaired by Stuart Rose, is to shut around 60 stores and axe hundreds of jobs as part of a major restructure to realign the business towards online.
The closures, which will reduce the company's store portfolio by more than a quarter to around 180 stores, will result in around 500 jobs being lost. The majority of closures are expected to come from Blue Inc's Officers Club fascia.
The stores are being closed after a subsidiary of the company, which holds some of the leases, fell into administration yesterday. The parent company is unaffected.
It also comes as the business restructures towards online shopping, with chief executive Steve Cohen saying the company would now restructure towards that channel.
He told Retail Week: "Online is becoming an increasingly big part of the business. Given the strength of online and the changing environment on the high street we decided now was the right time to evaluate the store portfolio.
“We’re investing in areas of growth for the future, as well as continuing to support those parts of the retail estate where Blue Inc has a strong customer base.”