Jack Wills, with store at Spalding Springfields, seeks new buyer
Another major fashion retailer has admitted it is looking at a potential new buyer after struggling with declining sales.
Jack Wills, which has a store at Springfields Outlet in Spalding, has appointed business advisors KPMG to examine all possible options for the company to allow it to survive.
According to industry reports, the firm has struggled with a double whammy of pressure from its bank, HSBC, and a decision by its owner Bluegem Capital Partners to not invest further funds.
In a statement, Jack Wills said KPMG would "carry out a review of the business and explore future opportunities".
It added: "In the meantime, management remains focused on its strategy of new product development, improving margins and driving cost efficiencies, which is already reaping benefits.”
In its latest financial figures up to the end of January 2018, it saw an operating loss of £14.2million - a year before it had delivered a £2.2m profit.