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GLOOM has hit the high street as yet another retail store issues a profit warning.
Shares in suit hire firm Moss Bros plunged by over 30% on Wednesday, with the brand blaming poor demand for its products. It’s another devastating blow to the British high street, which has seen many big
TOYS R US TOYS R Us went into administration last month, putting 3,000 UK jobs at risk.
Administrators have been appointed to begin an orderly wind-down of the UK’s biggest toy retailer following the failure to find a buyer.
The store faces a £15million tax bill. But poor sales have made it unlikely that it will make the payment. MAPLIN IT was announced earlier this month that the tech store was going into administration.
The firm – which struggled to compete against rivals and online retailers – could close all 200 UK stores unless a last-minute buyer is found. MOTHERCARE SHARES in the baby store hit a record low this month after it admitted struggling against cheaper competition from supermarkets and online retailers.
With rising debts of just under £50m, Mothercare has already halved the number of UK stores to 143
names face store closures or disappearing altogether in the last few months. Squeezed incomes, the shift to online shopping, changing tastes and rising overheads have all been blamed for the crisis in our shops. Here JENNIFER DUNKERLEY looks at the other big names to hit hard times...
and is now looking to close up to another 60. JAMIE’S ITALIAN LAST month celebrity chef Jamie Oliver revealed that he would be closing 12 restaurants out of 37 throughout the UK as his company battled debts of more than £71m. CARPETRIGHT SHARES in the company plunged by more than a quarter earlier this year as they announced their second profit warning.
The company have 416 stores in the UK, although it is unsure how many branches are set to close. CLAIRE’S ACCESSORIES THE US company behind Claire’s Accessories has filed for bankruptcy protection as part of a move to reduce its debt by £1.3billion. It has 378 stores in the UK and is set to be closing 92 already. NEW LOOK THE fashion brand is closing 60 of its stores, putting 980 jobs at risk. The store is attempting to pay off debts after a plummeting performance last year.
Sales for the 39 weeks to December 23 dropped 6.3% to £1.1billion, meaning a pre-tax loss of £123.5m. B&Q THE DIY-chain’s owner Kingfisher saw shares plunge 10.7% after warning the UK outlook was “uncertain”.
It had reported a decline in demand at the chain for big ticket items such as kitchens.
They are in the middle of an overhaul, shutting 65 shops and slashing 3,000 jobs over the last two years. PREZZO THE Italian restaurant chain is preparing to close about a third of its outlets in an attempt to rescue its business.
Prezzo is also expected to completely close its Tex Mex chain Chimichanga, which has 33 restaurants in the UK.
The move to close 100 of its 300 stores would form part of a deal to cut rent costs in the future.