The closing shop chains thread...

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Re: The closing shop chains thread...

Postby dutchman » Wed Apr 13, 2022 9:59 pm

Shoe Zone store to shut in Coventry with new outlet set to open in Lower Precinct

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A Shoe Zone store in Coventry will be closing down in the coming months. 'Closing Down' signs have been emblazoned across the windows of the retailer on Hertford Street.

One source with knowledge of the closure, who asked to remain anonymous, said that the branch will be moving to the Lower Precinct. He said the Hertford Street store will be shutting its door in a matter of 'months.'

Items have been slashed in price in a bid to sell old stock before the opening of the new store. It is understood employees will be moved to the Lower Precinct store, although this is yet to be confirmed by the retailer.

It is currently unknown where the new store will be located. However, if the move goes as expected, it will be close to some of the biggest clothing retailers, including New Look and H&M.

Empty plots in Lower Precinct are currently TJ Hughes and Pizza Hut, which means the brand-new Shoe Zone store could be based in either of these vacant locations. It comes after leading retailers Sports Direct and GAME relocated their stores to Upper Precinct in a bid to attract higher levels of footfall.

Lower Precinct refused to comment on the relocation of the store. Shoe Zone have also been approached for comment.

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Re: The closing shop chains thread...

Postby dutchman » Thu Apr 14, 2022 5:07 am

I wouldn't bet on a new outlet opening. :roll:
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Re: The closing shop chains thread...

Postby rebbonk » Fri May 06, 2022 12:17 am

UK convenience chain McColl's says it could fall into administration

Struggling British convenience shop chain McColl's (MCLSM.L) said on Thursday it was increasingly likely that the group would be placed into administration, a move that could put thousands of jobs at peril.

The company statement was released after a Sky News reporter tweeted that McColl's, which has an extensive partnership with supermarket major Morrisons, could crash into administration as soon as Friday.

McColl's reiterated that it remained in talks on potential financing solutions to resolve short-term funding issues and create a stable platform for the business.

"McColl's confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the Group would be placed into administration with the objective of achieving a sale of the Group to a third-party purchaser and securing the interests of creditors and employees," the company said.

The group has a wholesale tie-up with Morrisons, Britain's fourth biggest supermarket chain.

The 1,100-store group, which runs McColl's and Morrisons Daily branded convenience stores as well as Martin's newsagents, employs about 16,000.

Earlier this week, McColl's said it was likely to request the listing of its shares be suspended on June 1 as it would not meet a deadline to publish its annual results by the end of May.


Source: https://www.reuters.com/business/retail-consumer/uk-convenience-chain-mccolls-says-it-could-fall-into-administration-2022-05-05/
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Re: The closing shop chains thread...

Postby dutchman » Tue May 10, 2022 10:39 pm

Morrisons rescues McColl's taking on all 16,000 staff

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Supermarket group Morrisons has won a battle to rescue McColl's, the convenience store and newsagent chain, and taken on all 16,000 staff members.

Morrisons beat a rival offer from EG Group, the petrol station empire, owned by the billionaire Issa brothers.

Morrisons will pay off McColl's £170m debts and take on its 1,160 shops and pension schemes, with 2,000 members.

The supermarket's boss said the deal offered stability and continuity for the business, its staff and pensioners.

McColl's was put into administration by PwC on Monday and was immediately sold to Morrisons.

Rob Lewis, joint administrator and partner at PwC, said the deal provided "much needed certainty to McColl's 16,000 staff after a period of understandable concern".

:bbc_news:
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Re: The closing shop chains thread...

Postby rebbonk » Thu Jun 09, 2022 10:47 am

I wonder if this will result in shop closures?

Shares in DFS Furniture (DFSD.L) dived more than 16% on Thursday after the British sofa retailer warned of lower profits this year, as the cost-of-living crisis dented demand for big ticket items and supply chain issues hurt output.

The company, which sells living room furniture, said it was seeing lower order volumes, similar to the wider UK furniture market that has seen a change in demand patterns.

British shoppers facing a surge in inflation cut their spending in May by the most since the country was in a coronavirus lockdown in early 2021, according to a survey this week by the British Retail Consortium, with furniture, electronics and other expensive goods being the hardest hit. read more

"The ongoing COVID linked supply-chain disruption, combined with lower order intake since April has led to lower levels of production and deliveries relative to our previous expectations," the London-listed company said.

Britain is facing its worst cost of living crisis in three decades amid spiralling energy prices, higher taxes and issues surrounding supply chains.

DFS added that it was "difficult" to forecast consumer behaviour over the next twelve months.

Brokerage Jefferies, which cut its estimate on DFS's annual pretax profit by 36%, said the outlook is clearly challenging, with record low consumer confidence levels, the cost-of-living squeeze and uncertain by-category spending trends.

The company now expects underlying profit before tax and brand amortisation between 57 million pounds and 62 million pounds ($71.28 million-$77.53 million), lower than a prior forecast of 66 million pounds-96 million pounds.

Shares of DFS were down 16.2% at 155 pence by 0752 GMT, and were set for their biggest intraday percentage decline since March 2020.


Source: https://www.reuters.com/business/retail-consumer/uks-dfs-furniture-plunges-retailer-warns-profit-2022-06-09/
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Re: The closing shop chains thread...

Postby dutchman » Fri Jul 01, 2022 7:38 pm

Coventry shop shuts amid tough trading conditions

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Animal charity the PDSA has closed its shop in Coventry amid tough trading conditions. The charity shop was located in Jubilee Crescent in Radford.

The charity said that the sad decision had been taken after careful consideration and exploring every avenue. It confirmed that the lease on the shop was up and that it had decided not to renew it.

The closure does not impact on the charity’s animal welfare activities in Coventry. It has an animal hospital at Barkers Butts Lane in Coundon which opened in 2015.

The PDSA provides free and low cost veterinary treatment to sick and injured pets belonging to people in need. News of the closure was highlighted on social media, with people asking when it had closed and why.

It is understood that the shop closed around a month ago. CoventryLive approached the PDSA to ask for further details.

The charity said that it had experienced tough trading conditions, like many retailers. It added that it is hoping to open a retail outlet at another location in Coventry.

Lloyd Hughes, the PDSA’s head of retail, said: “After exploring every avenue and careful consideration, sadly our charity shop in Coventry has closed its doors for the final time. Like many retailers, we have been facing extremely tough trading conditions on high streets up and down the country, and we took the difficult decision not to renew our lease on the Jubilee Crescent premises.

“We are, however, actively looking for a new site within the city and hope to reopen again as soon as possible. On behalf of PDSA I would like to thank our staff, volunteers and customers and hope they will continue to support our work of treating sick and injured pets in the future.

“Although our shop in Coventry has closed, this does not affect our veterinary clients in the area, who can still access PDSA’s charitable treatment for their pets as usual.”

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Re: The closing shop chains thread...

Postby dutchman » Sat Aug 20, 2022 12:29 pm

Coventry Next store to close permanently due to 'expensive lease renewal'

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A Coventry Next store will be closing its doors in the coming months. In a major blow to the high street, the shop based in the Lower Precinct will shut down in November.

An insider said the closure has been rumoured internally for around a year but was not confirmed until earlier this month. It is understood the closure has been fuelled by the lease renewal being at a 'much higher cost' than previous years.

Speaking to CoventryLive, the unnamed insider said: “It has been rumoured internally for almost a year now, but was not confirmed to the store management until this month, and subsequently staff members this week.”

“My understanding is that the lease is up on the property. Next were not willing to renew the lease due to the much higher cost,” they added. Staff were reportedly told about the shop permanently shutting down on Tuesday (August 16). All employees will 'hopefully' be relocated to other branches in the city, bosses say.

Shoppers can find the nearest Next store around ten minutes away at Central Six Retail Park. Others city stores include those at Arena Shopping Park and Warwickshire Shopping Park.

Next, which has been a fixture in the city centre for decades, will join dozens of other empty retailers. Lower Precinct was once one of the busiest shopping destinations in the city but has seen footfall drop as stores, such as TJ Hughes, have closed in recent years.

A spokesman for Next said: “Next in Coventry City Centre will be closing in late November. It is hoped that staff will be relocated at one of the four other Next stores in Coventry.”

Lower Precinct and Coventry BID both declined to comment.

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Re: The closing shop chains thread...

Postby dutchman » Sat Aug 20, 2022 12:30 pm

I'm only surprised it stayed open this long! :shock:
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Re: The closing shop chains thread...

Postby dutchman » Wed Aug 24, 2022 8:09 pm

Busy discount retailer permanently closing down in Coventry

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A popular discount retailer will be closing its doors within weeks. One Below, in Lower Precinct, has become one of the most popular retailers in the city centre since it first opened in 2019.

In another blow to the high street, the retailer will permanently shut on Saturday, September 3. Aisles are currently empty and 'Closing Down' signs have been placed around the store.

A staff member, who wished to remain anonymous, claimed that the store will be taken over by health and beauty retailer Superdrug. This has not been confirmed.

The worker said they hope to be moved to another unit in West Orchards Shopping Centre. Shoppers will be saddened to learn of its closure.

Customers often flock to the discount retailer to find household bargains, such as cleaning essentials, food and drink as well as toys and games.

Founded by a father and son duo, the discount chain has a fast-growing portfolio of stores around the UK. One Below sells more than 5,000 products at £1 or less including a large range of brands such as Coca-Cola, Pedigree and Cadbury.

Plans to open another store are, however, in the pipeline. CoventryLive understands the new store will be located in Nuneaton. It will reportedly open within the next four weeks.

Just days ago, popular clothing retailer Next announced that it would be permanently closing its store in Coventry in November. It is understood the closure was fuelled by an 'expensive lease renewal.'

One Below has been approached for comment. Lower Precinct and Coventry BID declined to comment.

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Re: The closing shop chains thread...

Postby dutchman » Tue Sep 20, 2022 2:19 pm

Pizza Hut restaurant in Coventry closes suddenly

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A second Pizza Hut restaurant has permanently closed down in Coventry in less than a year. Pizza Hut, at Arena Shopping Park, shut its doors in the last few days, it is understood.

An employee confirmed the closure to CoventryLive but declined to provide details of the reason behind the sudden closure. A sign on the door reads: “Sorry we are permanently closed.”

Upon calling the store, a voicemail left by a Pizza Hut spokesman said: “ Pizza Hut Coventry Arena is now closed. Your nearest hut is at Crosspoint Retail Park.”

Contractors are currently on-site removing the building signage and were also seen taking old kitchen equipment out of the former restaurant.

It is currently not known what will happen to employees at the branch. A company spokesman previously said they 'always try' to redeploy staff to other chains in the city to 'minimise the impact to the workforce.'

It comes less than a year after the closure of the Lower Precinct branch which shut last December and has remained empty ever since. Company bosses blamed the disruption caused by the Covid-19 pandemic which they say was 'beyond our control.'

Just one sit-in Pizza Hut restaurant remains in the entire city following the closure of the Arena Park branch. And it can be found at Crosspoint Retail Park in Walsgrave.

Pizza Hut has closed a number of restaurants across the UK in recent years including in 2020 when the company announced that 29 locations were to permanently shut down. It is one of many restaurant chains which struggled because of the pandemic, which impacted other high street names including Chiquitos, Bella Italia and Pizza Express.

A number of delivery and takeaway stores remain open, however, including the newly-opened Pizza Hut on Fairfax Street. Others include branches in Tile Hill and Courthouse Green.

Pizza Hut was approached for comment but had not responded at the time of publication.

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