British jewellery brand Links of London is reported to be on the brink of collapse.
According to The Times, the jewellery brand could be putting 500 jobs at risk as it works with accountancy firm Deloitte to save the business. It is understood by the publication that the brand has looked at a company voluntary arrangement (CVA) to cut rents and close stores.
Links of London is owned by Folli Follie, a firm which was recently fined £17m for market manipulation in its home country.
At present, Links of London has 350 shops and concessions, including several key stores in Central London.
In the last financial year, ending December 31 2017, the brand suffered a net loss of more than £20m as the business struggled to overcome challenging market conditions.
Operating losses during that period increased from £10.5m to £12.9m year-on-year.
Talking to Professional Jeweller before Christmas, head of the FF Group for the UK, Martin Byrne, revealed the brand had hired a chief executive officer who will be helping to implement a new strategy – including a stronger focus on millennial consumers.