Aurora Fashions is looking to offload up to a quarter of its physical stores, its chief financial officer has said.
The parent company of Oasis and Warehouse – which is currently spinning its third fascia Coast out of the business as part of a wider restructure – is in negotiations with landlords to reduce rent across its store portfolio.
Chief financial officer Richard Glanville told the Sunday Express that if a reduced rate could not be achieved “we will pull out of stores”.
He explained: “Fashion retailing is increasingly going online and times are extremely tough for bricks and mortar operators.
“We are reviewing our entire store portfolio and are in daily discussions with landlords. We want to reduce our store portfolio in the UK by 25% over the coming years.”
Aurora has more than 1,119 stores in 39 countries.
Last week it emerged that credit insurers had reduced cover for the retailer’s supplier base following the news of the business restructure and departure of chairman Derek Lovelock.