Boux Avenue, the renowned lingerie retailer owned by entrepreneur Theo Paphitis, is currently engaged in urgent discussions with its landlords in an effort to negotiate rent reductions. The company is facing significant challenges within the current retail climate, necessitating immediate action to secure its future. Paphitis, who is leading a comprehensive review of the Boux Avenue business, is exploring options for rent reductions across its 30 stores while also examining the brand’s distribution channels to ensure they align with market conditions.

Although Boux Avenue has not confirmed whether store closures are being considered, it has revealed disappointing sales figures for the 2018/19 trading year. These lackluster results were further compounded by weak Christmas performance, which had a negative impact on overall sales compared to the more resilient operations of Ryman and Robert Dyas, Paphitis’ other retail chains. The lingerie business has experienced double-digit declines in recent months, contributing to a group sales decline of 1.3% in the six weeks leading up to December 24.

In light of the challenging environment for lingerie retailers, Paphitis has identified the significant rent costs as a primary target for improvement. Describing them as “significantly above average,” he aims to follow industry trends by negotiating rent reductions through company voluntary arrangement (CVA) deals.

Boux Avenue is taking proactive measures to ensure its future success by addressing the financial pressures it currently faces. Through engaging in urgent rent negotiations and conducting a thorough business review, the company is striving to overcome the obstacles posed by the retail climate and establish a profitable future for the brand.

For more information on Boux Avenue’s rent negotiations and its approach to navigating the challenging retail climate, please visit Link 1. To learn more about Theo Paphitis’ other retail chains and their performance, click here: Link 2.