Latest news with #closingdown
The Sun
8 hours ago
- Business
- The Sun
Bargain supermarket chain with 300 stores to shut bustling branch in just HOURS as huge closing down sale launched
A BARGAIN supermarket chain is shutting down one of its 300 stores in just hours. The budget frozen food and grocery store has launched a closing down sale with all remaining stock at discounted prices. 1 Farmfoods, in Ilkeston, Derbyshire, is closing its doors for the final time tomorrow after 20 years of serving the community. Locals flocked to the social media to express their sadness over the latest news. One person wrote: "A blow for savvy Ilkeston shoppers - Farmfoods in the precinct is closing. "It will be missed by many people, and the pleasant, helpful staff will be out of a job. "Shops like this are a lifeline to many folk." A third person said: "It will be a sad day to see another shop closing. "It always seems to be busy though so it makes no sense." Someone else added: "Oh what a shame, it will be sorely missed." However, it is not all bad news. Beloved high street chain with 24 Irish locations confirms Dublin city centre store closing down in 10 days in huge blow The Scottish retailer, founded in Aberdeen in 1954, plans to open a new store in Codnor which promises to be "one of the largest" in the UK. A spokesperson for Farmfoods previously said: "I can confirm we have commenced development with the intention of opening a new shop at Market Place, Codnor at the junction with Nottingham Road and Heanor Road. "The land was formerly occupied by the French Horn public house. "The new shop will be one of our largest in the country and offer our full range of branded and own-brand products, including frozen food, groceries, chilled foods, bread, milk, fresh fruit and vegetables, along with a range of household and other items." The exact opening date is yet to be confirmed but it is said to be in August. This follows the news that Poundland has confirmed plans to shut 68 stores, with up to 150 at risk of closure. The struggling discount chain was sold for just £1 last week and it was expected a major shake-up would be needed to rescue it. Poundland has now announced a huge series of changes aimed at keeping itself afloat - although these will need to be approved by the High Court in August. They include ditching its frozen food items, getting rid of its loyalty scheme app and no longer selling products online. The Original Factory Shop has also recently launched another closing-down sale as the brand pulls the shutters on another store. The discount department store has slashed the prices on everything, from clothing to gardening tools to toys. Clothing rails have been tagged with percentage-off signs as high as 30 per cent off. 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."
The Sun
19 hours ago
- Business
- The Sun
Huge high street retailer launches 20% off closing down sale ahead of store shutting for good in weeks
A HUGE high street retailer has launched a 20 per cent off going out of business sale with just weeks left until the store shuts for good. The hugely popular town centre video game shop is due to close down in a matter of weeks it has announced. 4 4 GAME, in Festival Place, Basingstoke, suddenly announced it will be closing down next month. The retailer will be holding a 20 per cent off everything closing down sale before shutting up shop for good on August 10. GAME sells a variety of video games, consoles and pop culture merchandise. The retailer came under fire recently when it cancelled pre-orders of heavily anticipated Nintendo Switch 2 consoles. Its Basingstoke location is now due to close for good with signs seen in the window announcing the closure. No reason has been given for the retailers abrupt departure from the shopping centre. Products including popular video games and Lego sets have had their stock prices reduced. Retailer GAME, which specialises in consoles, games and accessories was acquired by Frasers Group in 2019 as part of a £52 million deal. The retailer has closed a number of locations across the UK in recent months. Signs in the window of the Basingstoke store read: "This store will cease trading on 10th August. Why are so many shops going bust? "Please shop online at A number of GAME stores have closed with some being converted into concessions within Sports Direct and other Frasers Group stores. Locals have been left disappointed by the news of the Basingstoke location's closure. Following Frasers Group acquiring GAME in 2019 significant restructuring and downsizing of the video game retailer has commenced. While plans don't indicate that the stores will disappear from the British high street completely many locations are expected to close. 4 4 Downfall of GAME Game was acquired by billionaire businessman Mike Ashley's Frasers Group in 2019 as part of a £52million deal. However, by January 2020, the retailer announced plans to close 40 of its more than 300 stores across the UK. Today, there are approximately 240 Game stores operating nationwide. This decline comes amid a significant drop in sales of physical video games, compared to Game's heyday in the early 2000s. The Digital Entertainment and Retail Association (ERA) revealed that in 2022, nearly 90 per cent of all video games sold in the UK were digital downloads. 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."
The Sun
2 days ago
- Business
- The Sun
Huge closing down sales launched at nine Hobbycraft stores shutting in DAYS as part of huge restructuring
HUGE closing down sales have been launched at nine Hobbycraft stores across the UK. The stores are set to close this Saturday, June 21, with the retailers looking to shift as much stock as possible before they shutter for good. 1 Shoppers have a chance to grab arts and storage supplies that have been slashed in price by up to 70%. Sites across Bristol, Dunstable, Borehamwood and Basildon are all set to close on June 21. A further two sites in Essex and stores across Gloucestershire and Kent are set to shut on this date. News has come as a blow to locals, including one Essex local who said "Why are all the good shops going?" Another said the store would be missed and they needed to find another "rainy-day activity". Modella Capital The retail investor bought WHSmith earlier this year and also acquired The Original Factory Shop. At the time, bosses said the shake up would help secure the future of 99 stores and around 1,800 jobs. You can check out the full list of stores earmarked for closure below. Canterbury, Kent - closing June 21 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 Popular retailer to RETURN 13 years after collapsing into administration and shutting 236 stores The upcoming closures are set to impact around 72 and 126 jobs. Hobbycraft is not the only retailer reducing its store estate. 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 also carried out by new owner Modella Capital with a number of loss-making stores having to close as result. MORE RETAIL CLOSURES Poundland will close up to 68 stores following its £1 sale to US investors Gordon Brothers. As part of the move, its frozen and digital distribution site at Darton, South Yorks, will close this year. Another warehouse at Springvale in Bilston, West Mids, will also shut in early 2026. Around 1,000 shop staff and 350 warehouse workers in the UK will be affected by the restructure, but none in Ireland. Since last March, the budget chain has closed 14 stores, with a nother three set to shutter in the coming weeks. 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
3 days ago
- Business
- The Sun
Budget retail chain to shut NINE stores this month as it launches string of closing down sales – is one going near you?
A BELOVED retail chain is shutting a whopping nine locations in a wave of closing down sales this month - and you could be living right next to one. The popular budget store has hundreds of sites across the UK - but news of the closures has sent shoppers flocking to the shutting branches for one last bargain. 2 The Original Factory Shop has slashed the prices on everything, from clothing to gardening tools to toys. Clothing rails have been slapped with signs offering discounts as the major retailer kicks off closing down sales. If you're after summer steals, the closing stores are bursting with bargains – from pretty dresses to handy garden gadgets. 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. Over June nine of these stores will close, including sites in Dorest and Durham. Another site in Middlewich is also set to close however a date is yet to be confirmed. You can see the full list of store closures in June here: The following stores will close later on: Staveley, Cumbria - July 12 Middlewich - TBC Heswall - TBC Beloved high street chain with 24 Irish locations confirms Dublin city centre store closing down in 10 days in huge blow And these stores are also up for sale: Nairn Market Drayton Troon Blairgowrie Castle Douglas Private equity firm Modella bought The Original Factory Shop back in February. It has since launched a huge restructuring effort to renegotiate rents at 88 TOFS stores. Modella is known for picking up struggling retailers. The firm recently acquired flailing Hobbycraft, and WHSmith 's high street shops. 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." 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. The Sun reached out to The Original Factory Shop for comment.
Yahoo
7 days ago
- Business
- Yahoo
North Cumbria beauty salon announces closure
A BEAUTY salon in Wigton has announced it will be closing down in the 'near future'. Ooo La La Aesthetics, Beauty and Training, which is based on King Street, took to social media to announce their decision. In a statement online they wrote: 'I've been meaning to write this for a few weeks now, thank you to all our customers from Wigton and Carlisle salons that have supported us throughout our journey for Ooo La La Aesthetics, Beauty and Training. We will be closing down in the very near future, probably the end of June although don't know the exact date. 'We have decided to go to pastures new and are very excited about it. Anyone with valid gift vouchers please book before the end of June and if anyone wants training before the end of June also. 'Christine will still be offering botox, fillers and skin boosters mobile, either you come to her or she can come to you. Please keep the shop number as you will be able to message from there and we will still be keeping our page. It's been a great pleasure to meet you lovely lot and be seeing you around.'
