Shoe giant Aldo has collapsed into administration – with five stores closing overnight as coronavirus claims its latest High Street victim.
Aldo Group said it was "necessary" to place its struggling UK arm into administration due the "historic" collapse in retail spending.
The move resulted in the immediate closure of five of its stores – but bosses haven't revealed how many jobs will be lost. Administrators at insolvency specialists RSM have held onto eight of the retailer's stores as they look to explore further options for the company.
The company said the collapse was also driven by "historic profitability challenges and the unprecedented collapse in retail spending in the UK and globally".