Moss Bros reopens online store after government return to work guidance
Menswear retailer Moss Bros has reopened its online store following updated government advice for more people to return to work.
The company said it will relaunch its e-commerce operations from tomorrow after implementing safety measures and following updated government guidance on returning to work.
Moss Bros, which closed its physical and online stores in March, said it was developing plans to open its stores from 1 June in light of the government update.
The retailer said it had made redundancies “where necessary and unavoidable”, and that the board had reduced their salaries by between 60 per cent to 70 per cent during the crisis.
All non-essential capital expenditure has been paused and the retailer is in talks with suppliers and landlords over payment terms.
The firm is also still in talks with the Takeover Panel after Brigadier Acquisition Company pulled out of a £22m deal to take the suit retail private.
Brigadier, which owns Crew Clothing, is seeking a ruling from the Takeover Panel to cancel the offer. However, Moss Bros is fighting to keep the sale on track.
In a statement this morning Moss Bros said: “Taking all the above into account, 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.”