Round 270 jobs are to go on the London headquarters.
By Sarah Taaffe-Maguire, Enterprise reporter @taaffems
The Physique Store has introduced it’s closing almost half of its shops within the UK – together with seven on Tuesday – and reducing 40% of roles at its London headquarters.
It comes after the embattled retailer entered administration final week, placing greater than 2,000 jobs in danger.
The Physique Store has roughly 200 retailers throughout the UK.
However directors mentioned the model’s present portfolio is “now not viable” after “years of unprofitability”.
“Greater than half” of the 198 retailers will stay open, the directors mentioned, confirming Sky Information reporting.
Round 270 head workplace jobs are being reduce – about 40% of roles there – leaving round 400 full-time workers.
The seven shops that closed on Tuesday are:
• Surrey Quays (London)
• Oxford Road Bond Road (London)
• Canary Wharf (London)
• Cheapside (London)
• Nuneaton (Warwickshire)
• Ashford City Centre (Kent)
• Bristol Queens Street (Bristol)
Learn extra: The Physique Store UK in administration – what went incorrect?
The closures comply with the earlier sale of The Physique Store companies in mainland Europe and elements of Asia, and to help a smaller enterprise.
Based on the most recent firm accounts, The Physique Store had 927 administrative workers and 1,641 retailer staff in 2022.
No timeline for potential sackings and extra closures was given on Tuesday.
The Physique Store ambassador programme, the place people promote merchandise for a fee, can be being closed.
As a part of the restructuring, there shall be a “renewed focus” on merchandise, on-line gross sales channels and wholesale.
The model’s international franchise companions usually are not impacted with this portion of the enterprise mentioned to be “central” to The Physique Store’s long-term worldwide technique.
