Latest news with #storeclosure
The Sun
8 hours ago
- Business
- The Sun
Poundland launches major 70% off sale ahead of closure of beloved store as 200 could shut for good
POUNDLAND has launched a major 70% off sale ahead of closing a beloved store for good. Its branch in Barrow in Furness is set to close on June 12, giving customers just two days to say their goodbyes. 1 To help shift stock before it closes for good, the retailer has launched a 70% sale to shift stock. One shopper shared the find on social media and managed to pick up a garlic masher for 12p and a wine and beer glasses for 25p a pop. They also picked up a USB charger for 37p. Another shopper said they had also visited the closings store and "picked up loads" in the sale. It comes just eight months after the affordable store shut another branch in the area. Its site at Hindpool Retail Park closed last autumn, in another blow to shoppers. The news has came as a blow to locals, with one even describing it as their "second home". A Poundland spokesperson previously told The Sun that the store is closing because it has been unable to agree terms that would allow the brand to keep trading there. The store still has 800 stores trading across the UK. It comes as Poundland could undergo a radical restructuring plan to help keep the business afloat. Poundland to be sold for JUST £1 as frontrunner for shock takeover is revealed after wave of store closures Up to 200 stores could close and hundreds of stores have been identified for steep rent cuts, according to reports. The retailer was put up for sale in March, with ex-Laura Ashley owner Gordon Brothers and Hilco named as frontrunners in the race. Last month, sources told The Sunday Times the budget business could be priced at "effectively a pound". It's owner Pepco said it expects the sale of Poundland by September. The brand has already closed a number of stores in the past year. That includes stores across Gravesend's St George's Centre, Clapham Junction station in London. Liverpool's Belle Vale Shopping Centre also pulled down their shutters for the final time. This is the full list of stores that have closed, or are set to close in the coming months: Connswater Shopping Centre, Belfast – closed March 2024 Macclesfield – closed August, 2024 Maidenhead – closed October, 2024 Sutton Coldfield – closed October, 2024 Clapham Junction Station, London – closed May 2 Belle Vale Shopping Centre, Liverpool – closed May 6 St George's Centre, Gravesend – closed May 8 Southwark Park Road – closed May 14 Copdock Mill Interchange, Ipswich – closed May 20 Brackla, Wales – closed May 24 Chiswick High Road – closed May 28 Filton Abbeywood – closed May 31 Surrey Quays – closing June 11 Barrow Dalton Road - closing June 12 Union Gate, Bristol - closing June 20 Flint - closing June 21 Cowes, Isle of Wight – closing July (exact date tbc) Newquay, August 1 OTHER RETAIL CLOSURES Poundland is not the only retailer facing troubling times. Hobbycraft is set to close nine stores on June 21, as part of an overhaul by new owner Modella Capital. Sites across Bristol, Dunstable, Borehamwood and Basildon are all set to close. A further two sites in Essex and one in Gloucestershire are also set to close, with a site in Kent closing earlier this year. Elsewhere, up to 11 Original Factory Shops stores are to set to close this month, including sites across Worcestershire, Durham and Cumbria. Meanwhile, another five stores across Nairn, Market Drayton, Troon, Blairgowrie and Castle Douglas have been put up for sale. It comes as part of a major restructuring carried out by new owner Modella Capital with a number of loss-making stores having to close as result. 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."
The Sun
17 hours ago
- Business
- The Sun
Nine Hobbycraft stores to shut in DAYS as part of huge restructuring – and they've launched closing down sales
HOBBYCRAFT will shut nine stores in days with huge closing down sales launched. Sites across Bristol, Dunstable, Borehamwood and Basildon are all set to close on June 21, The Sun can reveal. 1 A further two sites in Essex and one in Gloucestershire are also set to close, with a site in Kent closing earlier this year. The impacted stores are part of at least nine Hobbycraft stores that have been earmarked for closure this year. News of the closures has come as a blow to locals in the area, with Bristol residents describing it as a "shame". While another said the store would be missed and they needed to find another "rainy day activity". A Kent local said: "Oh noooooo it's the only one I go to regularly as the rest are too far away!". Another resident said they would "need therapy" following news of the closure. Closing down sales have also been launched across the stores, with up to 70% off on some items. It comes as new owner Modella Capital is launching an overhaul after buying Hobbycraft in August last year. Modella also agreed to purchase WHSmith's high street business earlier this year. The move is set to impact between 72 and 126 jobs. Popular retailer to RETURN 13 years after collapsing into administration and shutting 236 stores It is said the shake-up will help secure the future of 99 stores and around 1,800 jobs across the arts and crafts business. You can check out the full list of stores earmarked for closure below. Canterbury, Kent - closed Basildon, Essex - June 21 Borehamwood, Hertfordshire - June 21 Bristol, Imperial Retail Park - June 21 Dunstable, Bedfordshire - June 21 Epping Forest, Essex - June 21 Lakeside Shopping Centre, Essex - June 21 Cirencester, Gloucestershire -June 21 Bagshot, Surrey - June 21 OTHER STORE CLOSURES Hobbycraft is not the only retailer facing hard times. Up to 11 Original Factory Shops stores are to set to close this month, including sites across Worcestershire, Durham and Cumbria. Meanwhile, another five stores across Nairn, Market Drayton, Troon, Blairgowrie and Castle Douglas have been put up for sale. It comes as part of a major restructuring carried out by new owner Modella Capital with a number of loss-making stores having to close as result. You can see the full list of store closures here: Milford Haven, Pembrokeshire - June 26 Perth - June 28 Chester Le Street, County Durham - June 28 Arbroath, Angus - June 28 Kidwelly, Carmarthenshire - June 28 Pershore, Worcestershire - June 28 Normanton, West Yorkshire - June 28 Peterhead, Aberdeenshire - June 28 Shaftesbury, Dorset - June 28 Staveley, Cumbria - July 12 Middlewich - TBC The following stores are also up for sale: Nairn Market Drayton Troon Blairgowrie Castle Douglas It comes after pivate equity firm Modella bought The Original Factory Shop back in February and has since launched a restructuring effort to renegotiate rents at 88 TOFS stores. At the end of April, Modella drew up plans to initiate a company voluntary arrangement (CVA) for TOFS. Companies often use CVAs to prevent insolvency, which could otherwise result in store closures or the collapse of the entire business. They allow firms to explore different strategies such as negotiating reduced rent rates with landlords. 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."
The Sun
2 days ago
- Business
- The Sun
Poundland to close city shopping centre store in HOURS as 200 branches face risk of shutting for good
POUNDLAND is set to close one of its shopping centre stores in hours as 200 branches face the risk of shutting for good. The value supermarket is set to shut up shop in Southampton city centre as shoppers scramble to find the next nearest location. 1 Poundland in West Quay Retail Park will shut its store for good tomorrow but the store on Above Bar Street will operate as normal. It comes as up to 200 other branches face closure, risking thousands of jobs. A spokesperson for Poundland told the Daily Echo that the brand "constantly" reviews its stores as "leases expire or come up for renewal". They said: "In Southampton we're consolidating our presence in the city at our Above Bar Street store that's only half a mile away. "We'd obviously like to thank customers for their support at West Quay and look forward to welcoming them to Above Bar Street." On Saturday afternoon, a customer reported seeing empty shelves on his visit to Poundland. He also recounted how he had overhead an employee saying they would need to travel to another store. Once the West Quay site closes, seven Poundland stores will remain across Southampton, Eastleigh and Totton. In March, residents were asked if the bargain store would be missed with one saying the closure was "another good" brand "that's gone down" in the city centre. They feared there would only "be hairdressers left" if stores kept on shutting their doors in the area. Another said Poundland would be sorely missed by a lot of locals if it were to also close its Above Bar Street store. 'I know for a fact that there's a lot of elderly people who go in there for a deal, my parents included,' they said. 'I think it's one of those shops you always think of as a good budget choice and I think the bargains you can get there would be missed by others and by me." The news comes as the bargain chain will also be closing branches in Bristol and Flint this month. The shop in Union Gate, Bristol, will merge with two others nearby in Horsefair and the Broadmead Shopping Centre. Poundland to be sold for JUST £1 as frontrunner for shock takeover is revealed after wave of store closures Eight stores have closed since the start of May including in Liverpool and Ipswich, while 12 in total have shut since March last year. Five more are earmarked for closure from June 11. It was also announced that three branches will close across Filton, London and Cowes last month. And the Chiswick High road store closed for good on Wednesday, May 28. Full list of Poundland store closures: This is the full list of stores that have closed, or are set to close in the coming months: Connswater Shopping Centre, Belfast – closed March 2024 Macclesfield – closed August, 2024 Maidenhead – closed October, 2024 Sutton Coldfield – closed October, 2024 Clapham Junction Station, London – closed May 2 Belle Vale Shopping Centre, Liverpool – closed May 6 St George's Centre, Gravesend – closed May 8 Southwark Park Road – closed May 14 Copdock Mill Interchange, Ipswich – closed May 20 Brackla, Wales – closed May 24 Chiswick High Road – closed May 28 Filton Abbeywood – closed May 31 Surrey Quays – closing June 11 Union Gate, Bristol - closing June 20 Flint - closing June 21 Cowes, Isle of Wight – closing July (exact date tbc) Newquay, August 1 What is happening with Poundland? The owner of Poundland, Pepco, is reportedly eyeing up a sale of its UK retail arm for £1, with up to 200 shops potentially closing as part of the process. Bidding for the business started last month, with Gordon Brothers, the ex-owner of Laura Ashley, and Homebase owner Hilco reported to be in a two way race. A decision on who the preferred bidder is could be announced in the coming days. Pepco said it expects the sale of Poundland in the UK to complete by September. In April, it was reported advisory firm Teneo was drafted in to oversee the sale of the UK business. It comes after Pepco said it was looking at"all strategic options" to separate Poundland from its brand. Pepco previously warned that upcoming hikes to employer National Insurance Contributions (NICs) and national minimum wage would significantly add to its costs. Late last year, it was revealed that profits at Poundland also tumbled by £641million in the year to September, with bosses again blaming slow sales amid a poor outlook thanks to measures set out by Reeves. A spokesperson also said the huge loss was "due to a non-cash impairment at Poundland that relates to the acquisition of the UK chain in 2016". 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. 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."
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
Original Factory Shop launches closing down sale at another store – see the full list of locations at risk
THE Original Factory Shop is set to call time on another store with a number of sites at risk of closure. A branch in Middlewich is now the latest store to be marked for closure. 1 A closing down sale has been launched with up to 50% off some lines in the store. Locals have branded the closure in the Cheshire town as "another blow" for the high street. A concerned shopper warned there would be "nothing left" in the area as "everything is closing down". While another said: "Your store was a highlight of my days during a really tough time when I lived in Middlewich." And a third added: "This shop will be greatly missed." The exact date of when the store has not been confirmed yet. but The Sun will update this piece when we find out more. Up to 11 TOFS stores are already to set to close this month, including sites across Worcestershire, Durham and Cumbria . Meanwhile, another five stores across Nairn, Market Drayton, Troon, Blairgowrie and Castle Douglas have been placed up for sale. The Original Factory Shop has told The Sun that negotiations are ongoing with landlords - making it unclear whether these shops will remain open. It comes as part of a major restructuring carried out by new owner Modella Capital with a number of loss making stores having to close as result. Why are shops closing stores? A spokesperson told The Sun: "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." They added: "These negotiations are commercially sensitive and so we cannot comment on which stores are affected.' You can see the full list of store closures here: Milford Haven, Pembrokeshire - June 26 Perth - June 28 Chester Le Street, County Durham - June 28 Arbroath, Angus - June 28 Kidwelly, Carmarthenshire - June 28 Pershore, Worcestershire - June 28 Normanton, West Yorkshire - June 28 Peterhead, Aberdeenshire - June 28 Shaftesbury, Dorset - June 28 Staveley, Cumbria - July 12 Middlewich - TBC The following stores are also up for sale: Nairn Market Drayton Troon Blairgowrie Castle Douglas What's been happening with The Original Factory Shop? Private equity firm Modella bought The Original Factory Shop back in February and has since launched a restructuring effort to renegotiate rents at 88 TOFS stores. Modella is known for picking up struggling retailers, having also recently acquired Hobbycraft and WHSmith 's high street shops. It is set to rebrand all WHSmith high street stores to TGJones, and has brought in advisers to look at potential options for Hobbycraft. At the end of April, Modella drew up plans to initiate a company voluntary arrangement (CVA) for TOFS. Companies often use CVAs to prevent insolvency, which could otherwise result in store closures or the collapse of the entire business. They allow firms to explore different strategies such as negotiating reduced rent rates with landlords. TOFS previously told The Press and Journal that a "number of loss-making stores will have to close" as part of the restructuring. It said at the time: "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. 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."
