Moss Bros is to close its Covent Garden store in London as developers move in to transform the area.
The menswear business will exit its two-storey store on King Street on Monday after the lease expired and wasn’t renewed amid a £90 million redevelopment by Covent Garden landlords Capco.
Staff at the store were informed of the closure at a meeting this week. It is not known how many are affected but the company said it intends to find many of them alternative jobs at other stores across London.
Chief executive Brian Brick described it as “a sad day in the life of Moss Bros” but confirmed the business is looking for a new site in Covent Garden.
Moss Bros, which has 125 stores in total, reported in September pre-tax profits were up 44% to £2.8m in the 26 weeks to August 1. Like-for-like hire sales were up 9.8%, compared to a 2.7% decline in the same period last year.
Read Brick’s outlook for 2016 in Drapers’ Executive Predictions feature.