store closure news and archive

Kik: potential closure of 400 stores in Germany?

Textile discounter Kik could be parting ways with a significant portion of its store network in Germany. According to Immobilien Zeitung, the closure of up to 400 of its approximately 2,400 locations in Germany is imminent. This primarily affects stores in unprofitable locations, as reported by the trade publication on Friday. A spokesperson for...

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Management

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 in a bid to improve its profitability, with as many as 120 at risk. 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 is 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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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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Management

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

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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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...