Jewelry chain with 23 branches will close its ‘excellent’ branch in months
SHOPPERS are devastated after it was revealed that an ‘excellent’ jewelery chain with 23 branches will close within months.
The popular retailer is set to say goodbye to its Cambridge store as its lease comes to an end.
The much-loved TH Baker store in Grafton Center is preparing to roll down its shutters for the final time.
Bosses have announced it will close for good on May 4.
Bosses expressed regret over the closure and said the move will mark the end of an era.
A company spokesperson said: “We regret to announce that our Cambridge store will close its doors for the final time on May 4.
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“This closure marks the end of a cherished chapter in our history, and we are extremely grateful for the support and loyalty of our customers over the years.”
Shoppers praised the store for its “excellent” customer service and great merchandise.
One customer said online, “It was lovely. We came in to sell an unwanted piece of jewelry, and the whole experience was seamless.”
Another added: “I’ve had really great service and support.”
A third wrote: “It had a great collection of jewelery and attractive prices.”
But all is not lost as the chain is running ‘everything must go’ deals.
Savvy shoppers get the chance to get their hands on accessories at unbeatable prices.
The closing sale includes diamond rings, colored stones, bracelets, necklaces and earrings, with a 50 percent discount.
They added: “We are delighted to offer a one-off closing sale.
“This spectacular event includes 50 percent off all jewelry, including diamonds, and thousands of products significantly discounted.
“It’s our way of saying thank you and offering you an unmissable opportunity to get your hands on beautiful pieces at half price.
“Don’t miss this last chance to shop our extensive and luxurious collection at unbeatable prices.”
Founded in 1888, TH Baker is a family business and has since developed into a leading independent jeweler.
More than half of the total stores are franchises of the Danish jewelry manufacturer Pandora.
The company also owns a Swarvoski franchise in Watford.
The retailer has already closed a number of locations, including a branch in Brighton and Birmingham.
The measure follows a wave of closures among retailers across the country.
Fashion giant Next with 510 branches will close one of its popular stores in the city center.
The company is closing its Newcastle branch as it looks to move to new premises, although a date for the move is yet to be confirmed.
Other retailers have also reduced the number of stores on the high street, such as Iceland, Boots And Matalan.
Argos also closed 42 UK stores last June, including all 34 branches in the Republic of Ireland.
Meanwhile, Ted Baker recently announced hundreds jobs and stores are at risk after plans to call in administrators were confirmed.
No Ordinary Designer Label (NODL), owned by Authentic Brands Group (ABG) and trading as Ted Baker, today filed a letter of intent.
Marks and Spencer is another retailer that has made changes to its store portfolio.
Why are retailers closing their stores?
RETAILERS have been feeling the pressure since the pandemic, as shoppers cut back on spending due to the rising cost of living.
High energy costs and the move to online shopping after the pandemic are also taking their toll, with many high street stores struggling to continue.
The high street has seen a slew of closures in the past year, with more to come.
The number of jobs lost in UK retail fell last year, but 120,000 people still lost their jobs, figures show.
Figures from the Center for Retail Research show that 10,494 stores will have closed for the last time in 2023 and 119,405 jobs will have been lost in the sector.
It was fewer stores than had been lost in recent years, and a decrease from the 151,641 jobs lost in 2022.
The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.
While some big names on the high street were lost, including Wilko, many major companies had already gone bankrupt before 2022, the center said, such as Topshop owner Arcadia, Jessops and Debenhams.
“The cost of living crisis, inflation and rise in interest rates have prompted many consumers to tighten their belts, causing retail spending to fall,” said Prof Bamfield.
“Retailers themselves have faced rising energy and occupancy costs, staff shortages and declining demand, making rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”
Besides Wilko, which employed around 12,000 people when it went bust, the biggest failures of 2023 include UK Flooring Direct, Planet Organic and Tile Giant.
The Center for Retail Research said most stores were closed as companies tried to reorganize and cut costs rather than face bankruptcy.
However, experts have warned that more bankruptcies are likely this year as consumers tighten their belts and borrowing costs for businesses soar.
According to official figures, about 14% of bankruptcies last year occurred in retail businesses.