Thursday, March 23, 2023
Who’s next in the High Street retailer meltdown?

Who’s next in the High Street retailer meltdown?

Photo: Iwan Lewis

The failure of Toys R Us and Maplin to find a rescue package has dealt the High Street a huge blow as 300 stores brace themselves for closure with the threat to around 5,500 jobs.

More retailers are facing difficulty and may be set to close some stores including Bargain Booze, Homebase, Countrywide Farmers Prezzo, New Look, Bryon, Jamie Oliver and Chimichanga.

It is what some analysts are calling a ‘meltdown’ on the high street.

The news comes amid a terrible few weeks for retailers, with Toys R Us and Maplin going bust recently.

Restaurant chain Prezzo announced it was closing a third of its UK restaurants, and New Look confirmed it was shutting down 60 stores.

The slow death of the High Street is predicted to be as a result of shoppers heading online, while the weak pound from Brexit is also hitting firms hard.

Maplin in Parc Pemberton has already put up the ‘Closing Down’ signs.

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