ALDO's UK arm falls into administration
The UK arm of Canadian footwear retailer ALDO has filed for administration due to the COVID-19 impact. RSM has been appointed as administrators, and it has been exploring ‘future options’ for eight UK-based ALDO stores while permanently closing the remaining five. The brand’s North America and Switzerland businesses had also initiated similar proceedings.
An exact number of how many jobs will be affected is not yet clear, according to British media reports.
British customers will still be able to shop ALDO online and concessions via Asos and Amazon or in department stores once those stores reopen.
“The move was necessary based on the impact of the COVID-19 pandemic, as well as historic profitability challenges and the unprecedented collapse in retail spending in the UK and globally,” ALDO said in a statement. “These factors put too much pressure on the business to continue operating in the UK,” it said.
ALDO chief executive David Bensadoun said: “It is a difficult decision to close our stores in the UK market, but it is unavoidable given the current business environment and the impact of the COVID-19 pandemic.”