The luxury fashion retailer Matches is set to shut down its website and close its remaining stores in Marylebone and Wimbledon, following its recent administration.
- The website will cease operations at midnight on 30 June with discounted sales ongoing.
- Matches was placed into administration three months ago, following its acquisition by Frasers Group.
- Frasers Group acquired Matches’ intellectual property but excluded the retailer’s stock and staff.
- Matches had previously employed over 500 staff, with only approximately 120 remaining to manage ongoing operations.
The luxury fashion retailer Matches is poised to cease its operations by shutting down its website and the remaining physical stores located in Marylebone and Wimbledon. This development comes on the heels of the retailer being placed into administration three months ago.
The Matches website will officially close at midnight on 30 June, with an additional discount of 20% available on select items to encourage clearance of remaining stock. The lucrative offer is subject to a minimum spend requirement of £200, enticing customers to seize last-minute deals.
In recent weeks, Matches had already closed its prestigious store at 5 Carlos Place, Mayfair. The remaining stores at key locations will follow suit shortly. This closure plan coincides with the appointment of Benji Dymant and Julian Heathcote from Teneo Financial Advisory, who were instated as joint administrators on March 8.
This sequence of events trails the acquisition of Matches by Frasers Group for £52 million from Apax Partners. Notably, Frasers Group secured the intellectual property of Matches; however, it did not assume ownership of the $83 million worth of stock or the remaining employees. Prior to these administrative actions, Matches supported a robust workforce of 533 employees distributed across its head office and three London-based stores.
Currently, only about 120 employees remain as pivotal contributors to the clearance of stock and the continuation of essential operations within departments such as finance, trading, customer service, and distribution.
The forthcoming closure of Matches is a significant development in the luxury retail sector, illustrating the volatile nature of businesses in administration.
