Big four firm KPMG has been brought in by footwear retailer Schuh, to assess its options after a “tough trading” period.
According to reports from the Sunday Times, the retailer had asked landlords for a reduction in rentals, but is not looking to launch a company voluntary arrangement (CVA).
In the year to 3 February the company’s annual pre-tax profits fell 9.6% to £15m, which it blamed a “lacklustre” festive period on an “overtly promotional retail market”. Following this, Schuh closed all three of its stores in Germany in June, to focus efforts on its UK trading.
A spokesperson for Schuh said: “Given the challenging trading climate for all retailers, it is prudent to review options for any eventualities in market. We have no immediate plans for store closures and continue to invest in strategies to enhance customer experience including our new 2020 store design, customer recruitment and CRM.”