A large fashion store will almost tripled, the amount of stores that originally designated for closure, because economic conditions are struggling with struggling High Street companies.
Select Fashion announced earlier this month that it would close 12 of its stores within a few weeks – but the figure has now been revised to 35, with all outside of London.
From the affordable clothing store, the shutters are expected to bring down in the coming weeks, whereby the trade will stop by mid -March.
Shops in villages and towns in the UK are reserved for closure, his Southampton, Bristol, Wolverhampton and Hartlepool.
Experts say that the Cull is an important for select fashion, which will shrink its current trading portfolio with slightly less than half with these latest closures.
It is after the fashion brand was in the administration in 2019, whereby the retailer blamed the guilty economic circumstances in the Hoofdstraat.
Select Fashion, owned by Turkish entrepreneur Cafer Mahiroğlu, was later purchased from the administration by Genus UK Limited.
The chain entered into a company scheme (CVA) last summer, according to recent archives on Companies House.
Select Mode has tripled the amount of stores it originally reserved for closure
The affordable clothing store will close 35 stores in the United Kingdom in the coming weeks
Experts say that the Cull is an important for select fashion, which will shrink its current trading portfolio with slightly less than half with these latest closures
A CVA is a way of restructuring with which a company can negotiate with its creditors to pay off its debts, such as reducing the rental costs with landlords.
Other fashion retailers who have entered into a stroke in recent years are New Look, Jigsaw and Hottter Shoes, as well as Caffe Nero and Body Shop.
In the meantime, quiz clothing called on managers last week and looks at the possibility of closing 23 stores, with around 200 employees, it was expected to be superfluous, Sky News reported.
In the past year, large retailers have also seen in the sector who have struggled financially or are forced to close stores, including Ted Baker, Matches, Muji and Farfetch.
New documents that are seen by the sun reveal that only 48 selected stores continue to trade after the closures have taken place.
Select 169 stores served at its peak before it went into administration.
Shops in Ipswich, Kent and CWMBRAN closed their doors last year, next to a branch in the Erith Riverside shopping center in London.
Disappointed shoppers who beneficial the brand, said it was 'such a shame', while others fear that they will stay behind with a 'ghost city' when their local selected stores forever their shutters in their shutters.
High Street Struggles: Quiz Clothing called for managers last week and looks at the possibility to close 23 stores, with around 200 employees to be made superfluous
Select a company scheme (CVA) in a company last summer.
More than 13,000 stores closed their doors forever in 2024 – an increase of 28 percent compared to the year before
A sad customer wrote about the store closing in Worksop, Nottinghamshire wrote on social media: 'It will be a shame to see you go as I have always been and got my clothes over the years of your store. Worksop becomes a ghost city. '
Another said about the store closing in the Swan Center, Kidderminster: “Another store bites the dust.”
The latest problems for selected fashion follow new data that more than 13,000 stores have closed their doors forever in 2024 – an increase of 28 percent compared to the previous year, MailOnline reported last month.
Industry experts say that there is even worse, with a predicted 17,350 stores that will be closed in 2025.
It is the highest figure because the Center for Retail Research (CRR), which prepared the report, began to collect the data in 2015 and follows the closure of 13,479 stores last year.
The vast majority of closed stores in 2024 – 11,341 – were independent retailers, a jump of 45.5 percent against the previous year.
Companies will be damaged by the plans of Chancellor Rachel Reeves to increase the contributions of the National Insurance and to implement an inflation increase of the minimum wage from April.
Retailers have also begged the government to reform the hated business rates system, a tax based on the rental value of a commercial property, which means that stores pay a premium compared to online giants such as Amazon.
Shop closing figures were compiled by industry experts at the Center for Retail Research
| Administration | Rationalization | Totally | |
|---|---|---|---|
| Multiples: shops closed | 918 | 1,220 | 2,138 |
| Independent: Shop closures | 6,619 | 4,722 | 11,341 |
| Total stores closed | 7,537 | 5,942 | 13,479 |
| Source: Center for Retail Research | |||
The sector is already struggling while the costs of living crisis shoppers forces their belts to be drined.
But the imminent tax attack and a reduction in the lighting of the business rates are expected to handle a new hammer bladder for retailers in the United Kingdom.
Managers have called on the Chancellor to 'urgently' change course with its tax -increasing policy to prevent British main streets from becoming ghost cities.
The forecast of the CRR of 17,350 stores would make 2025 worse than 2022, when the withdrawal of government support measures after the pandemia caused 17,151 stores.
About 16,145 stores close their doors at the peak of Lockdown in 2020.
Professor Joshua Bamfield, director of the CRR, said: “Although the results for 2024 show that although the results for store closures were generally not as bad as in 2020 or 2022, they are still disturbing, with worse in 2025.”
The predicted 2025 figure is expected to be independent retailers.
These companies usually work on very tight profit margins and may not have enough money to cover the costs of the tax attack of the treasury and minimum wage increases.
“This is a tragic scenario that we warned that the government could come if they did not change course,” said Andrew Goodacre, head of the British Independent Retailers Association.
He added: “The total costs for independent retailers go up and the planned increases in national insurance policies, the minimum wage and the business rates will leave many without a choice than the store.”
Mrs Reeves stated in October that employers would pay a national insurance rate of 15 percent for the salaries of staff of more than £ 5,000 from April instead of the current 13.8 percent levy on wages above £ 9,100.
She also said that the national living wage would rise by 77p to £ 12.21 per hour, in addition to increases the tax rates for power gain on the sale of business assets.
Retailers belong to those who lead the indictment against the punitive tax measures of the Chancellor.
In November, more than 80 bosses signed an open letter to Reeves who warned that her budget plans would force them to increase prices, lower jobs and close stores.
Signatories include the heads of High Street Giants Marks & Spencer, Next and John Lewis, as well as the large supermarkets such as Tesco, Sainsbury's, Morrisons and Asda.
In the meantime, companies have called on the ministers to reform the business rates system to make physical stores more competitive with their online counterparts.
The latest problems for selected fashion follow new data that more than 13,000 stores have closed their doors forever in 2024 – an increase of 28 percent compared to the previous year. Displayed: Pedestrians pass the shozed stores in Hastings, East Sussex
Before the budget, the bosses had called on the Chancellor to expand help arrangements from the COVID era that reduce their company accounts by 75 percent.
But instead the rates lighting for hospitality and retail companies was reduced to 40 percent.
Commercial real estate company Altus Group estimated that as a result of the discount to 40 percent of 75 percent, the invoice of the average store of the store would run from 3,589 to £ 8,613 for the tax year 2025 to 2026.
Helen Dickinson, Chief Executive of Industrial Instance The British Retail Consortium (BRC), said: '2025 seems to be a challenge for retail, with high costs and weak consumer confidence in the new year.
“Retailers will look at the £ 7 billion in new costs of the budget that the industry is confronted with more concern this year.”
She added that the new taxes would 'put pressure' the industry and that many companies' would 'have no choice but to increase prices or reduce costs by closing stores'.
MailOnline has approached Select Fashion for comment.
