store closure news and archive

Laura Ashley closures: an all-too-familiar sight for the high street

If you feel like the news on Monday that Laura Ashley would be closing 40 of its stores felt oddly familiar, it’s because it is. The UK is facing an increasing amount of store closures, and the once flowery Laura Ashley is the latest retailer to wilt in the country’s struggling high street. House of Fraser (HoF), New Look and Marks and Spencer...

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Report

New Look to close 85 stores with more than 100 at risk

New Look has announced that it will be shutting 85 of its stores across the country at risk in a bid to improve its profitability, with as many as 120. In March, the UK retailer announced it would be closing 60 of its stores, but that number rose to 85 in an announcement on Tuesday. The future of a further 13 New Look stores are still being...

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Management|UPDATE

Marks & Spencer aims to shut 100 stores by 2022

Marks & Spencer has earmarked 14 more UK stores for potential closure as it continues to restructure its UK store estate in line with its wider turnaround plan and aim to capture a third of its sales online. M&S is set to close over 100 stores by 2022, including 21 stores which have already closed and the 14 stores proposed for closure. In...

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Retail

Burberry increases store closures under turnaround strategy

London - Luxury fashion house Burberry has increased the number of store closures during the financial year to March 31, 2018. The heritage brand closed 34 stores across the globe during the year, including seven outlets. However, Burberry also opened 14 new stores throughout the year, bringing the net store closures to 20. “We closed net six...

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Report

60 store closures not enough to 'turn New Look around'

London - New Look is prepared to close up to 60 underperforming stores across the UK in order to keep it from going under, putting 980 jobs at risk, but this may not be enough to turn the struggling fashion retailer around warns analysts. The high street retailer, owned by South-African Brait, announced its proposal for a company voluntary...

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Retail

Forever 21 to close only Irish store as it struggles in the UK

London - Forever 21 seems to have fallen out of favor as the fast-fashion retailer continues to struggle amidst weakening sales. Forever 21 is set to close its only store in Ireland following poor trading conditions, as it downsizes its UK store estate. The US-retailer will be closing its only store in Dublin, Ireland in addition to its flagship...

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ManagementFeatured

Lululemon to shut 40 ivivva stores following Q1 sales growth slow

London - Premium activewear retailer Lululemon Athletica Inc is set to close 40 of 55 ivivva stores for girls and convert half of the remaining stores into Lululemon branded stores. The Vancouver-based company aims to complete the most of the ivivva store closures, which sell girls activewear, by the end of its third quarter this October....

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Management|FINANCIAL REPORT Featured

Michael Kors to shutter 100-125 stores after bleak FY18 forecast

London - Michael Kors is set to close between 100 and 125 full-price stores over the next two years following a bleak full-year forecast for fiscal 2018. The US premium label announced its impending store closure on Wednesday morning amid disappointing financial results for the fiscal fourth quarter and fiscal year ended April 1, 2017. Shares in...

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BusinessFeatured

Wet Seal hit with bankruptcy rumours following 338 store closures

Struggling fashion retailer Wet Seal is believed to be slipping closer to a bankruptcy following the closure of 338 stores and the discharge of nearly 3,700 full and part time employees on Wednesday. The store closures came about after "assessing its overall financial condition" and its inability to re-negotiate significant concessions from the...

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Business

Wet Seal hit with bankruptcy rumours following 338 store closures

Struggling fashion retailer Wet Seal is believed to be slipping closer to a bankruptcy following the closure of 338 stores and the discharge of nearly 3,700 full and part time employees on Wednesday. The store closures came about after "assessing its overall financial condition" and its inability to re-negotiate significant concessions from the...

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