Frasers to close five Jack Wills stores permanently due to "unprecedented uncertainty"
Frasers Group, Mike Ashley's retail empire, has announced that it will close five Jack Wills stores permanently with immediate effect due to the period of "unprecedented uncertainty" brought about by the COVID-19 Coronavirus update.
The stores set for closure are: Dublin, Exeter, Cambridge, Bath and Manchester Trafford Centre. Frasers had been in negotiations with landlords about the future of the stores for some time.
In a statement the group, formerly known as Sports Direct International, said: “The Group has been working closely with landlords since acquiring Jack Wills to keep as many stores open as possible. Now faced by unprecedented uncertainty in the retail environment, further closures are inevitable.”
Frasers Group acquired Jack Wills out of administration in August of last year for £12.75m in a pre-pack deal.
Around 13 of its stores have already been closed since the acquisition and there are around 80 remaining.
This morning Frasers Group, which is also the parent of Sports Direct, House of Fraser, Flannels and Sofa.com among others, issued a profits warning as a result of the crisis.