The latest Cotswold outdoor owner for the plot of the shop closed wave
Behind the Snow and Rock and Cycle Surgery, the retail group has planned to shut down shops in a step that will trigger job losses, learn Sky News.
Behind the high street chains including Coswoswald Outdoor and Snow and Rock, the group is planning for a wave of closures that will deepen the frustration surrounding Britain’s retail sector.
Sky News has come to know that the holding company, AS Adventure, is close to appointing consultants to work on the shutdown program for a retail portfolio spread across the UK and many European countries.
The details of the plans are in the initial stage and no decision has been taken regarding the extent of their impact on UK interests of AS Advertisement, which includes approximately 120 stores.
Sources said on Wednesday that Cotswold was scheduled to close a “significant number” of outdoor sites, possibly affecting hundreds of jobs.
AS Adventure, owned by PAI Partners, a Paris-based private equity firm, which has a £ 190m turnover in the UK, and it has 1,200 people in the UK
It operates under the brands’ bicycle surgeries and runner nights, which has many stores, which include more than one faction of the adventure.
A close source of PAI said: “In view of the difficult market environment, the company is looking at cost reduction initiatives.
“As part of that, it is possible that the store can be closed as an asset adjustment but it is too early to say.
“No decision has been taken on the closure of any shop and no consultant has been appointed.”
The schemes of AS Adventure are in contrast with those mentioned by Rival Mountain Warehouse, whose Chief Executive Officer Mark Lewis told Sky News this week that he would continue to open the store despite the industry’s hard environment.
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