Harvey Nichols has reportedly appointed advisers to weigh up options for the company amid a drop in footfall at its locations which are usually particularly popular with tourists.
The luxury department store chain has called in accounting firm PwC to look into the “viability of its store estate and financing requirements”, The Sunday Times reports.
The British company has reopened eight of its locations across the UK and Ireland since stores were allowed to reopen in the countries. Its stores in Birmingham, Bristol, Dublin and Liverpool remain closed, however, with no reopening dates yet given.
The retailer, which currently has around 1,500 staff, could also be one of the next British retailers to officially announce redundancies as the industry grapples with the impact of Covid-19.
Harvey Nichols calls in advisers
CEO Manju Malhotra told employees last month in an email, seen by The Sunday Times, that the pandemic would “change the shape” of the business and warned that he envisaged “there may be staff redundancies at all locations.”
Fellow British department store chain Harrods announced recently it would be cutting 15 percent of its workforce, or around 750 jobs.
They join a growing list of fashion companies including Marks & Spencer, John Lewis, Burberry and Ted Baker to have announced job cuts in recent months as businesses struggle to mitigate the financial impact of Covid-19 following months of store closures.
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