Belgian outdoor specialist AS Adventure is planning to close an unspecified number of stores of its British subsidiaries Cotswold Outdoor and possibly Snow & Rock, putting hundreds of jobs at risk.
AS Adventure, which is owned by French investment group PAI, is planning to close "a significant number" stores in the United Kingdom. Sky News picked up the news from sources at PAI. "Given the difficult market environment, the company is looking at a range of cost-cutting initiatives," they said. The British retail world has been hit hard recently, and the insecurities surrounding Brexit – deal or no deal – are not making things easier.
It is unclear how many stores will be closing their doors exactly. According to Sky News, the final decision has not yet been made, but hundreds of jobs are reported to be jeopardised. 1200 people are employed at AS Adventure's British subsidiaries. The group has an annual turnover of 190 million pounds or 220 million euros.