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All employees at fashion retailer Jack Wills’ Hong Kong stores were asked to pack up their personal belongings on Monday (6 August 2019), and five Jack Wills stores in Hong Kong have not been in operation since then – according to local lifestyle news publication U Lifestyle.
Jack Wills’ Hong Kong online website is also not running anymore. The future of stores in Singapore and the United States is not yet known.
On the day before, the United Kingdom’s largest sports-goods retailer Sports Direct, who recently took over the business of House of Fraser and Evans Cycles, announced to acquire the renowned preppy fashion brand for £12.75mn (HK$121.4mn).
The accounts filed with the Companies House UK have shown that Jack Wills was facing a pre-tax loss of £29.3mn and a deficit in earnings before interest, tax, depreciation and amortisation (EBITDA) of £7.5mn. Sales have also gone down 1.1%.
The five retail stores in Hong Kong are located at New Town Plaza, Festival Walk, Yoho Mall, Leighton Centre and Harbour City’s LCX.
The Jack Wills business previously owned 1700 staff across the business, six franchised stores in Kuwait, Saudi Arabia, the UAE and the Channel Islands, and an e-commerce channel serving 130 countries.