JD Sports buys Cecil Gee stores

The suit retailer Moss Bros has sold off its chain of Cecil Gee stores after two decades of ownership to JD Sports in a deal with £1.7m. The divestment is part of Moss Bros chief executive Brian Brick's strategy to sell off peripheral parts of the business and "simplify the structure".

Mr Brick called the disposal a "significant milestone" in his strategy to make the company profitable. He said: "When I joined, the business was too complicated; we had to get the core business right."

Yesterday's announcement follows the sale of the Hugo Boss franchise business announced earlier this year.

For the financial year to 29 January, Cecil Gee lost £500,000 but JD is confident it can turn the operation around.