Latest news with #closingdownsale
The Sun
26-05-2025
- Business
- The Sun
Major high street chain to close branch in weeks with closing down sale launched as EIGHT others to shut
A MAJOR high street chain is closing one of its branches in weeks as a closing down sale is launched and with eight other shops set to shut. The Original Factory Shop (TOFS) is pulling down the shutters on the site on June 28 with shoppers left gutted. 1 The location in Chester-le-Street, County Durham, will welcome in customers for the final time in weeks after opening two years ago. Shoppers can now get up to 30% off on a host of products including homeware, electricals and storage. In a post on Facebook, TOFS said: "It's with great sadness to announce, but the rumours are true! "The store will be closing its doors for the last time on June 28. "It's been a pleasure bringing you all the great deals over the last two years, getting to know our regulars. "We ask you to be mindful, respectful to the team as you can imagine we are all devastated, but please come say hi." News of the closure has not been met well by locals and customers, with one commenting: "I love this shop and the staff are amazing. "So sorry for you all." Another chipped in: "Absolutely gutted. I get loads of stuff in there. So sad about this." Meanwhile, a third added: "That didn't last long. What a shame." It comes as TOFS gears up to shut eight more stores weeks after saying it may be forced to shut branches and lay off staff. Branches in Abroath (Scotland), Kidwelly (Scotland), Pershore and Normanton are all set to shut permanently on June 28. Meanwhile, stores in Peterhead (Scotland) and Staveley will close in June and on July 12, respectively. Sites in Shaftesbury and Milford Haven (Wales), are also both shuttering, with closure dates yet to be revealed. List of The Original Factory Shop stores to close Arbroath, Angus - June 28 Kidwelly, Carmarthenshire - June 28 Pershore, Worcestershire - June 28 Normanton, West Yorkshire - June 28 Chester-le-Street, County Durham - June 28 Peterhead, Aberdeenshire - June Staveley, Cumbria - July 12 Shaftesbury, Dorset - no date given Milford Haven, Pembrokeshire - no date given The Sun has reached out to TOFS to comment on the Chester-le-Street closure and find out if any other branches are shutting over the coming months and we will update this story when we've heard back. What's happening with The Original Factory Shop? TOFS was bought by Modella Capital in February which has since launched a restructuring effort to renegotiate rents at 88 of the retail chain's stores. Modella, a private equity firm, is known for taking on struggling retailers, having recently acquired Hobbycraft and WHSmith 's high street shops. For Hobbycraft, Modella brought in advisers to look at potential options including a CVA. Meanwhile it is set to rebrand all WHSmith high street stores to TGJones. Modella drew up plans to initiate a Company Voluntary Arrangement (CVA) for TOFS at the end of April. A CVA is a way of restructuring that means a business can continue trading while negotiating its debts, for example by cutting rent costs with landlords. A TOFS spokesperson previously told The Press and Journal a "number of loss-making stores will have to close" as part of the CVA. They continued: "Closing stores is always a tough decision and we are committed to keeping as many stores open as possible. "This is, however, dependent on successful negotiations with landlords as we strive to build a sustainable and successful business for the future." The Original Factory shop has already shuttered more than a dozen stores over the past 12 months. These are the locations that closed in 2024: Brightlingsea, Essex Bodmin, Cornwall Chepstow, Wales Fakenham, Norfolk Harwich, Essex Mildenhall, Suffolk Padiham, Lancashire Taunton, Somerset Deal, Kent Haverfordwest, Wales Do you have a money problem that needs sorting? Get in touch by emailing money-sm@
Daily Mail
23-05-2025
- Entertainment
- Daily Mail
Popular multi-million dollar empire quietly launches huge closing down sale: 'Another one bites the dust'
A popular fashion accessories empire has quietly launched a massive closing down sale after years of turmoil - including entering voluntary administration and a bitter legal dispute between its co-founders. The Daily Edited (TDE), best known for its monogrammed handbags, wallets, phone cases and travel essentials, was bought out of liquidation in late 2022 after being rescued by the owner of the accessories chain Colette by Colette Hayman. However, in recent days, the multi-million dollar celebrity-loved brand announced its shock closure with a 'final call' on a huge online sale offering up to 80 per cent off everything. 'Closing down sale. Final days. Everything must go,' the post read. Fans of the brand are devastated by the news, with many saying they were unaware of the unexpected closure until they randomly stumbled across the sale posts on social media. 'It makes me so sad because I love The Daily Edited. It's a very sad time,' customer Tenielle Hamlin said in her video about the sudden closure. 'Oh no. Another one bites the dust,' one shared. 'This was peak era for the 21st season,' another revealed, along with a crying emoji. In recent days, the celebrity-loved brand announced its shock closure with a 'final call' on a huge online sale offering up to 80 per cent off everything Many loyal customers reminisce about how TDE was part of their lives growing up, with one saying: 'I have a travel wallet from them and have had it for about seven years now, still perfect condition and I love it.' 'I remember they were great for giving gifts to my girlfriends,' one recalled. 'So sad, most of my bags are from there. Although, mine are from when the original owners had it,' another shared. According to social media, it was business as usual for TDE, with picture-perfect posts of its fashion accessories items being shared on the feed up until May 7. The brand began quietly announcing its 'sitewide flash sale' on Facebook from May 9, starting with deals of up to 70 per cent off. Alyce Tran and Tania Liu founded The Daily Edited in 2014 after meeting three years earlier while working at a Perth law firm. The brand was known as the first in Australia to offer personalised initials on handbags, wallets, phone cases, beauty bags and more. The friends went on to build the business into a fashion powerhouse, turning over an annual $25million, with stores in Sydney, Melbourne and New York in addition to their online offering. In 2021, Ms Tran quietly sold half her stake in the company - two years after Ms Liu took her her court over claims she had misused company funds. However, Ms Tran denied any wrongdoing. A year later, TDE went into liquidation before ultimately being saved from collapse. But Marquee Retail Group (MRG) - the parent company which owned Colette and The Daily Edited - went into administration in April 2024 amid declining sales. After a two-month voluntary administration, MRG, led by former Myer chief executive Bernie Brookes, retained The Daily Edited as an online-only brand.
The Sun
15-05-2025
- Business
- The Sun
High street card shop launches HUGE 50% off closing down sale ahead of bringing the shutters down
A BELOVED card shop has launched a huge closing-down sale with prices slashed by 50 percent. Special Moments in Norfolk will be rolling down the shutters for good at the end of June. 3 3 Nigel Maistone, who has run the shop for 32 years, decided to retire after the lease was due for renewal. The shop in Fakenham offers personalised cards, gifts, wrapping paper, and jewellery. Speaking about his decision against signing a new lease, the 60-year-old said he wanted to spend more time with his family. He told Eastern Daily Press: "I just want more time with them. I want to travel with them and be more involved in their lives." "I'm going to miss my customers the most. They have been the best part of this job." In a bid to clear out his shop, Nigel has thrown a massive sale ahead of closing day. Customers on Facebook were sad to hear the news, with one writing: "I know you want to do other things but I am so going to miss you x" Independent shops up and down the country are struggling with rising business rates and increasing pressure on employers. According to the British Retail Consortium, a mix of higher running costs, tax changes, and increased National Insurance contributions are placing a £2.3 billion burden on the retail sector, pushing more shops off the high street. Last month's Awful April saw an increase in costs for businesses as the Government's Budget changes came into effect. They're facing a perfect storm of a rise in employer National Insurance contributions, increased energy and rent costs, and lower customer footfall. It's meant some retailers have been forced to hike prices and review their stores and expansion plans. Big-name brands like WHSmith, Sainsbury's, Iceland and The Entertainer are among those that have shuttered stores this year so far. But it's worth noting that retailers regularly open and close shops for a number of reasons, not just because they are struggling. This month WHSmith sold off almost 500 of its high street shops after being taken over by Hobbycraft owner Modella Capital. The WHSmith name is set to disappear from the high street completely, with the brand instead focusing on its shops in travel hubs. The Entertainer might be the UK's biggest toy retailer, but it has shut a number of outlets over the past six months. Major supermarket Morrisons announced last month it would close 17 of its smaller Daily convenience stores as part of a major shake-up. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." 3
The Sun
13-05-2025
- Business
- The Sun
Iconic department chain to shut final store this MONTH & vanish forever as it launches ‘Rachel Reeves closing down sale'
A BELOVED department chain is preparing to shut its final store this month as it launches a "Rachel Reeves closing down sale." The famous shop will be shuttering forever after serving customers on the high street for 140 years. 3 3 Beales in the Dolphin Centre in Poole will close on May 31 and is slashing the price of stock by 80 per cent in the meantime. The historic chain was founded in Bournemouth in 1881 and offers a range of iconic products, including clothing, home goods, and more. This particular Poole Beales branch was the last one standing when the company collapsed into administration in January 2020, leading to the closure of its 22 other stores. Despite the stores resilience, the brutal budget introduced last year saw the hike of National Insurance which has forced countless shops to close. To mark the occasions, the store's Facebook page is advertising a " Rachel Reeves ' Closing Down Sale," featuring discounts of up to 80% and a caption cheekily thanking the Chancellor for "the help." It wrote in the caption: "Our closing sale is almost over (cheers for the help, Chancellor) - and we've just dropped hundreds of lines to 80% OFF or more! "Grab a bargain before we vanish into the budget black hole. #FinalSale #80Off #LastChance #WhenItsGoneItsGone." Despite weathering the storm for the past five years, it seems the Chancellor's latest Budget changes have delivered the final blow to the struggling chain. Beales chief executive Tony Brown previously told The Telegraph the business had become "unviable" following the Chancellor's announcement of increases to the minimum wage and national insurance contributions in the October Budget. Announcing the closure, Mr Brown said: "This, combined with the risks and uncertainty of further tax increases in the coming years, has left us with no alternative. Beloved pizza chain to close down for good in just weeks after 54 years "We have been working with the Dolphin Centre, who have been supportive, along with our investors to ensure an orderly exit. "Our team has been informed, as have our suppliers. "We will ensure the exit is managed and no one will be left with a financial loss." Shoppers were left heartbroken by the news of the store's impending closure, with one commenting on the latest post: "I've loved shopping here over the years." Another wrote: "Sadly this is happening to many shops." Like many businesses, Beales now faces higher employer national insurance contributions, which have risen from 13.8% to 15%. Additionally, the threshold at which these contributions must be paid has been lowered from £9,100 to £5,000. These changes to the tax system were confirmed by the Chancellor in the Autumn Budget last October and came into effect on 1 April. At the same time, the national minimum wage saw a notable increase, rising to £12.21 per hour. For workers aged 18-20, the minimum wage increased by £1.40 to £10 per hour. Founded in 1881, Beales once boasted a proud portfolio of 41 department stores in market towns across the UK, offering everything from furniture and fashion to toys and cosmetics. The retailer's decline has been gradual but unrelenting. Its Southport store was shuttered last September, just three years after the site had reopened. With the closure of the Poole branch, the last remaining link to the Beales name, a once-iconic fixture of the British high street, will vanish forever. DEATH OF THE HIGH STREET Retailers have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year.
The Sun
12-05-2025
- Business
- The Sun
Big retail chain with over 200 stores to shut shop this weekend as it launches closing down sale
A MAJOR high street jeweller is pulling the shutters down on one of its branches within days – and everything must go in a massive closing down sale. Warren James, which has more than 200 stores across the UK, will close its Andover outlet in the Chantry Centre on Saturday, May 17. Signs plastered outside the store confirm a 'closing down sale' is now under way, with the only explanation being that the lease has run out. Despite issues with broken shutters, posters tell shoppers the store is still open – for now – giving bargain hunters one last chance to bag cut-price sparkle. The chain has stayed tight-lipped on the closure according to the Andover Advertiser, but local council bosses say they're already looking to re-let the space. A spokesperson for Test Valley Borough Council, which owns and runs the shopping centre, admitted it was 'a shame' to see Warren James go, but insisted new tenants are always in the pipeline. They added that the centre has remained lively thanks to flexible leases, grants for independents and a mix of tenants keeping vacancy rates below the national average. There's no word yet on whether more closures are coming – but fans of the jewellery giant will want to take advantage while they still can. The news comes as both independent and industry giants have been struggling with rising costs and reduced footfall over the past few years. Dozens of shops are set to close across the country before the end of the month in the latest blow to UK high streets. Just a few months into 2025 and it's already proving to be another tough year for many major brands. Rising living costs - which mean shoppers have less cash to burn - and an increase in online shopping has battered retail in recent years. Why are shops closing stores? In some cases, landlords are either unwilling or unable to invest in keeping shops open, further speeding up the closures. One of these stores included Smiggle, known for its colourful, quirky pens, lunchboxes and school bags, which revealed that it is shutting up shop at the Darwin Centre in Shrewsbury later this month. Whilst, B.D Price, a beloved toy and bike store announced its closure after 160 years in business. The 84-year-old owner revealed that the cost of living crisis has led to a reduction in sales and to the costs of running the business skyrocketing. Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year. Smiggle isn't the only stationary shop shutting its doors, more WHSmiths stores are set to close this month. Cambridge on April 18. Whilst, Red Menswear in Chatham in Medway, Kent, shut for the final time on Saturday, March 29, after selling men's clothing since 1999. A couple months ago, Essential Vintage told followers on social that it would be closing down after they had been "priced out" because of bigger players in the market such as Vinted. Another Jewellery brand Beaverbrooks also shut three shops in April Whilst, New Look bosses made the decision to axe nearly 100 branches as they battle challenges linked to Autumn Budget tax changes. Approximately a quarter of the retailer's 364 stores are at risk when their leases expire. This equates to about 91 stores, with a significant impact on New Look's 8,000-strong workforce. It's understood the latest drive to accelerate closures is driven by the upcoming increase in National Insurance contributions for employers. The move, announced by Chancellor Rachel Reeves in October, is hitting retailers hard - and the British Retail Consortium has predicted these changes will create a £2.3billion bill for the sector. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
