Latest news with #fashionretailer
The Sun
2 days ago
- Business
- The Sun
Major fashion retailer with more than 350 UK stores to shut city centre shop for good TODAY
A MAJOR fashion retailer with more than 350 stores will close a shopping centre location TODAY. New Look will be pulling down the shutters of one of its locations in Birmingham. 1 The store - which is located in the city's Northfield shopping centre - announced the closure to customers through a sign in the window of the store. "Thanks for having us, Northfield," it reads. "This store will be closing on Sunday 8th June. "Don't worry, you'll still be able to find us at with 100s of new styles dropped every week! Scan to download our app for exclusive offers." In the lead up to Sunday's closure, the retailer has launched a major closing-down sale, with prices slashed by up to 70%. The retailer has not confirmed the reason behind the move, it is also uncertain how many staff members will be impacted or whether anyone has been issued a redundancy notice. What's happening at New Look? New Look is ramping up a store closure programme ahead of April's National Insurance hike. 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 it's 8,000 strong workforce. The company has restructured its store estate twice in the past six years, reducing its portfolio from around 600 UK stores in 2018. Final sales begin as popular clothing brand closes all stores leaving 'devastated' shoppers scrambling for alternative For the time being, stores remain open as usual, and no final decisions regarding closures have been made. The move to accelerate store closures is understood to be driven by the forthcoming increase in National Insurance, announced by Chancellor Rachel Reeves in October. Employers currently pay NICs for most workers earning more than £9,100 a year. The sum they pay is the equivalent of 13.8% of the employee's earnings above that threshold. For an employee earning £30,000, the employer would pay NICs of £2,884.20. However, in the Autumn Statement, the Treasury announced it would increase the tax rate to 15% and reduce the threshold at which firms must pay to £5,000. The British Retail Consortium has predicted that these changes will create a £2.3billion bill for the sector. 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." A New Look spokesperson said: "Our store estate is an important part of our business, alongside our best-in-class website and app. "We have recently invested over £3million in our stores in Greater Manchester to trial new omnichannel initiatives to improve customer experience. "We also continue to invest in our thriving online platform which has resulted in a strong online sales performance, with volumes significantly outpacing last year and an improved online margin." "On occasion we do have to close stores, either due to the landlord's request or because the site becomes unviable. "However, we always remain on the lookout for appropriate new opportunities across the country and continue to invest in our existing store estate."
The Sun
4 days ago
- Business
- The Sun
Peacocks launches huge clearance sale ahead of closing much-loved shop
PEACOCKS has launched a huge clearance sale ahead of one of its much-loved shops shutting its doors. The branch in Northfield, Birmingham, has items on sale with an extra 30 per cent discount on top, a shopper has claimed. 3 3 3 The shopper took to the Extreme Couponing and Bargains UK Facebook page to share the unbelievable shop discovery. She said: "Peacocks in Northfield is now a clearance shop, everything is SALE an addition 30% sale prices! "I got tops for £2.10 black ankle boots for £3.50! "Jeans that was £25 for £8.40! And loads more they had loads of stock. "Run don't walk." Facebook users shared their excitement on the sale - but their sadness on the shop closure. One shopper said: "Why are all the shops closing in Northfield?" And tagging a pal, one commenter asked: "Fancy an hour out in Northfield tomorrow?" In July last year Peacocks announced they would be strategically closing stores as they launched a new website. Poundland to be sold for JUST £1 as frontrunner for shock takeover is revealed after wave of store closures The fashion retailer revealed an annual turnover of £238million for the year to February 2023, with £14.65million in profits for the same period. Peacocks was originally bought out of administration in 2021, saving 2,000 jobs. The brand was saved by investors led by Edinburgh Woollen Mill's chief operating officer Steve Simpson. It comes as closures have rocked high streets across the UK in recent years. Devastated shoppers cried "what a tragedy" as a beloved shop of 33 years is set to pull down the shutters for good. Why the high street still rules! Fabulous' Fashion Director, Tracey Lea Sayer shares her thoughts. I WAS 10 when I first discovered the utter joy of high-street shopping for clothes with my mum and nan. Going into town on Saturday became a family tradition – a girls' day out we would look forward to all week. My mum's favourite shop was M&S, where she would gaze at jackets with big shoulder pads and floral sundresses, while my nan would make a beeline for John Lewis and their classic coats and elegant court shoes. I was all over Tammy Girl – Etam's little sister – and Chelsea Girl, which was later rebranded to high-street fave River Island. I would spend hours in the changing rooms, watched keenly by my two cheerleaders, who gave the thumbs up – or thumbs down – on what I was trying on. Frilly ra-ra skirts, duster coats, polka dot leggings, puff balls, boob tubes… I tried them all, often making my nan howl with laughter. Fashion wasn't so fast back in the 1980s and every item was cherished and worn until it fell apart – literally – at the seams. At 18, I went to art college and my tastes became more refined. Extra cash from a part-time job in a bar meant I could move on to slightly more expensive stores, like Warehouse, Miss Selfridge and the mecca that was Topshop. I knew at this point I wanted to work in fashion because the high street had totally seduced me. One day, I wrote an article for a competition in a glossy mag about my love of retail therapy and my favourite LBD – and I won! That led me to where I am today – Fashion Director of Fabulous. It's not just me that loves the high street – big-name designers are fans, too. When Cool Britannia hit in the '90s, they all turned up in one big store. Designers at Debenhams was a stroke of genius by Debenhams CEO Belinda Earl, designer Ben de Lisi and fashion director Spencer Hawken, who introduced diffusion ranges from John Rocha, Matthew Williamson and Betty Jackson, to name a few. This meant we could all afford a bit of luxury and wear a well-known designer's signature style. Years later, I hosted a night with Debenhams and Fabulous for 250 readers, who were in awe meeting all the designers. It was a real career highlight for me. In 2004, H&M started rolling out their international designer collabs. Karl Lagerfeld was first, followed by Roberto Cavalli, Marni, Stella McCartney, Maison Martin Margiela, Sonia Rykiel, Comme des Garçons, Balmain, Versace and many, many more. I could barely contain myself! Then in 2007, Kate Moss launched her first collection with Topshop, with thousands queuing along London's Oxford Street. I remember sitting behind Ms Moss and Topshop boss Philip Green at a London Fashion Week Topshop Unique catwalk show. I had my three-year-old daughter, Frankie, in tow and we both made the news the next day after we were papped behind Kate, my supermodel girl crush. At the time, the high street was on fire. Who needed designer buys when Mango stocked tin foil trousers just like the designer Isabel Marant ones and you could buy a bit of Barbara Hulanicki's legendary brand Biba from Topshop? High street stores even started to storm London Fashion week. Although Topshop Unique had shown collections since 2001, in 2013 River Island showed its first collection in collaboration with global superstar Rihanna, who was flown in by a friend of mine on a private jet. KER-CHING! A whole new generation of high profile high street collabs followed. Beyoncé created Ivy Park with Topshop's Philip Green and I even flew to LA for Fabulous to shoot the Kardashian sisters in their bodycon 'Kollection' for Dorothy Perkins. I am pleased to say they were the absolute dream cover stars. Fast forward to 2024 and while the high street doesn't look exactly like it did pre-Covid, it has made a gallant comeback. Stores like M&S, Reserved and Zara, and designer collabs like Victoria Beckham X Mango and Rochelle Humes for Next are giving me all the feels. The supermarkets have really come into their own, too, smashing it with gorgeous collections that look expensive, but at prices that still allow us to afford the weekly shop. The last 30 years of high street fashion have been one big adventure for me. Bring on the next 30!
The Sun
6 days ago
- Business
- The Sun
Major fashion retailer with 180 UK stores confirms it will shut ‘favourite' shop in just DAYS
A MAJOR fashion retailer with 180 UK stores has confirmed it will shut one of its 'favourite' shops in just days. The store creates product ranges across women's, men's, kids, footwear and accessories. 2 2 The outdoor-inspired clothing retailer FatFace has revealed that its store in Queensgate Shopping Centre will close permanently on June 15. A notice in the shop window states: 'Thank you for shopping in our Peterborough store. "Our last day here is 15 June 2025.' The closure comes 20 months after FatFace, which was founded in 1988, was acquired by the leading clothing retailer Next, headquartered in Leicester. FatFace announced a pre-tax loss of £3.2 million last October, which was in part attributed to costs related to the acquisition. Sharing the news on the We Love Peterborough Facebook group, shoppers reacted to the closure. The post said: "I have to say it's shame to see that Fat Face will be closing down in Queensgate. "After speaking with someone in the store for confirmation, I'm afraid that they are not moving to an alternative location either, they are closing permanently for us. "Is this a shop that you shopped in? If you want anything, you'll need to get it quick as it closed in a couple of week's time." Members of the group were quick to comment and one replied: "Another decent store closing, might as well knock Queensgate down, just not worth going into town these days." Popular retailer to RETURN 13 years after collapsing into administration and shutting 236 stores Another disappointed shopper added: "Queensgate is doomed. "First John Lewis then M&S, there's nothing left there now. "They should have left flagship stores alone. It used to be a good place. "The whole city feels tawdry and dirty. I don't go there anymore." Why are retailers closing stores? 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. 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." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. 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." Another added: "I absolutely love this shop! I'll be sad to see it go, a real shame and another loss for Peterborough shipping centre." "I only go into Queensgate to get my nails done and pop in Fatface. I'm really sad it's closing. Nowhere to get clothes for my age now," said another. "Another one bites the dust sadly. Love fatface," said a fifth dissapointed shopper. While another poster wrote: "Fat Face have also closed in various locations from Aberdeen to Sheffield to Gloucester this year. "Anyone thinking retail clothes stores closing is just a Peterborough thing is sadly mistaken. Same happened with John Lewis and Marks and Spencer on a bigger scale. "We have a new occupant imminently for the old John Lewis store, and new shops like Sostrene Greene that people can't find it in themselves to be positive about, it's easier to moan I guess." The news comesafter IKEA revealed yesterday that it is shutting another UK store in just a fortnight's time after 'lessons learned' amid a customer backlash. And that a major high street name is pulling the plug on one of its stores in just two weeks. It's already
News.com.au
10-05-2025
- Business
- News.com.au
National Aussie retailer selling stock as it says it is shutting down: ‘Everything must go'
A massive national fashion retailer that has been on the brink of collapse for some time has reportedly finally succumbed. CBCH AUSTRALIA PTY LTD, better known by its trading name Colette by Collette Hayman, announced it had been saved from closure last year but now appears to be poised to shut its doors for good. Colette by Colette Hayman has been a registered business since 2012 and specialises in selling accessories such as jewellery and bags, with stores in NSW, Victoria, Queensland, the ACT, South Australia and Western Australia. This week, the retailer announced a flash sale with deals of as much as 80 per cent off its stock while a sign outside one store warned it was shutting down imminently. At a South Australia store in Westfield Tea Tree Plaza, a sign read: 'Final day of trade. 60–80% off. Everything must go!' Staff separately told 7NEWS that the company was indeed shutting down after years of financial struggles. The retail workers learned the news on Thursday. Colette by Colette Hayman falls under the Marqee Retail Group banner, which is the holding company behind the brand. Marquee Retail Group is owned and chaired by Bernie Brookes, the former Myer and Edcon chief executive. The Colette brand had been limping along since May last year, when the business went into administration. But the appointed administrators, Domenic Calabretta, Mitchell Ball, and Richard Lawrence of insolvency firm Mackay Goodwin, appeared to have turned its fortunes around. They secured a deed of company arrangement from Marquee Retail Group, where the holding company put forward money to save the business by propping it up and taking it out of administration, in June last year. Priority creditors received back 100c for every dollar they were owed under the deal, while important suppliers got back 20c in the dollar. Landlords received 10c and other unsecured creditors recovered 5c in the dollar. The deal also involved the group paying back $35,000 in monthly instalments over a four-year period. Marquee Retail Group kept 40 stores in operation. The brand originally had more than 60 stores. It was estimated at the time this saved 400 jobs and fewer than 10 people lost their employment in the restructure. However, less than a year later, the business appears to have collapsed. Do you have a similar story? Get in touch | The administration appointment was blamed on unplanned downturn in sales the business faced from October 2023 to March 2024. Marquee Retail Group also owns leather accessories label The Daily Edited, or the tde. This brand, entirely online, is also advertising having a 70 per cent off 'site wide' flash sale. Its fate also remains unclear. contacted The Daily Edited and Colette by Colette Hayman for comment. It comes as retail stores around Australia are struggling and falling like dominoes. reported that Ally Fashion was ordered to be wound up by the Federal Court of Australia at the end of February due to insolvency, with liquidators moving quickly to shut down 51 stores and axe hundreds of jobs. The fast fashion chain had 158 stores across Australia and an online store, as well as employing 1669 staff before its collapse. It was revealed in the NSW court a month later that Ally Fashion's debt could sit at a staggering $58 million, according to the company's director. Iconic fashion brand Jeanswest called in administrators on Wednesday to wind up the company's 90 bricks-and-mortar stores, with 600 jobs set to go. Mosaic Brands, which boasted iconic brands like Autograph, Noni B, Katies, Millers and Rivers, fell into liquidation and could not find a buyer with hundreds of stores closed as a result.
Wall Street Journal
08-05-2025
- Business
- Wall Street Journal
Next PLC Lifts Guidance Again After Warmer Weather Drives Sales Beat
U.K. fashion retailer Next PLC upgraded its fiscal-year guidance for the second time after full-price sales rose by more than expected. Photo: hollie adams/Reuters U.K. fashion retailer Next PLC NXT -1.24 %decrease; red down pointing triangle upgraded its fiscal-year guidance for the second time after full-price sales rose by more than expected in the first quarter, when warmer weather encouraged shoppers to splash out on summer clothing. The main-street chain—which is seen as a bellwether for the U.K. retail sector—on Thursday said full-price sales for the 13 weeks to April 21 rose by 11% compared with expectations of a 6.5% increase.
