10 months ago
22
Matches Fashion, the online retailer purchased by British retail company Frasers Group late last year, didn’t last more than three months under its new ownership. Frasers Group announced this week that it would be shutting down the business.
Purchased for a bargain sum in December, it seemed like Matches was on its last legs even before the acquisition. And it’s clear from a new statement from Frasers that it found no plausible way to turn Matches around. More than half of the company’s over 500 employees will be immediately laid off.
“Since Frasers Group acquired Matches, the business has consistently missed its business plan targets and, notwithstanding support from the Group, has continued to make material losses,” said a statement from Frasers, shared with Glossy. “Whilst Matches’ management team has tried to try to find a way to stabilise the business, it has become clear that too much change would be required to restructure it, and the continued funding requirements would be far in excess of amounts that the Group considers to be viable.”
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