Hamleys makes loss of £12million
HAMLEYS has suffered one of its worst years since it was founded in 1760.
The toy store, which survived both World Wars, reported a loss of £12million for 2017, having made profits of £2.6million in 2016.
Hamleys, which has its flagship store on Regent Street in central London, is being forced to close loss-making stores across the UK.
Chief executive Ralph Cunningham said: ‘Last year was one of the most challenging years in UK retail history.
‘Hamleys was not immune to the impact of Brexit uncertainty, a general erosion in UK consumer confidence and falling customer footfall due to the threat of terrorism.’
The firm said it still had the backing of its Chinese owner, C Banner, and would continue to open stores in ‘profitable areas’. Hamleys’ sliding profits were revealed as hairdressing chain Regis, which also owns Supercuts, was forced to go cap in hand to its landlords to secure the business’s future.
Regis is seeking a company voluntary arrangement, which could see rents at some of its 220 salons slashed. The firm said it did not expect any closures or redundancies among its 1,300-strong workforce.
The Daily Mail is campaigning to reform sky-high business rates, levied by local councils, to create a level playing field for shops and online rivals.