Major fashion brand to close store after 12 years as takeover plans fail and shares plummet

A MAJOR fashion brand is to close after 12 years as the retailer struggles to stay afloat. 

Superdry is set to close a branch in Dundee this month in another blow to the British high street.

The store in the Overgate shopping centre is due to close on April 20. 

Earlier this year the troubled fashion brand said it is looking at various “cost-saving options” after reports it is considering a major restructuring which could include store closures and job cuts.

Local media reports the Overgate shopping centre has confirmed a new retailer will soon be taking over the space, which Superdry occupied for 12 years. 

Locals took to Facebook to share their shock at hearing the news. 

One user said: “That was a great shop’

“Another empty store!” said someone else. 

A third user moaned “No good shops will be left in Dundee!” 

“I looked empty last time we were in Dundee,” added a fourth user. 

The Sun has contacted Superdry for comment.

The ailing fashion retailer has seen its stocks plummet by more than 50% in the past few days after plans for a potential takeover by CEO Julian Dunkerton were dashed. 

The retail business, which employs around 3,350 globally, said it also cut around £20 million in costs last year and is on track for over £40 million in savings for the current year.

This saw the business close 12 stores over the first half of the financial year, taking its estate down 216 owned stores – 96 of which are located in the UK.

What is happening to the high street?

Several high-street retailers have been struggling to get by over the past few years.

The pandemic was a tough blow as many stores had to close during lockdown.

Since then energy costs have risen and more shoppers than ever are choosing to order online rather than head into stores.

This has left some remaining retailers grappling with budgets and having no choice but to close stores to cut costs.

For the most part, supermarkets have braved the storm as they provide essential items like food and drink but other retailers have been less fortunate.

The turmoil has sent several retailers into administration The Body Shop is currently going through administration and announced plans to close half of its 198 stores.

Boots announced it would be closing 300 stores over the next year as part of plans to evolve its brand.

Wilko collapsed into administration last year after being hit hard by inflationary pressures, competition from rivals and supply chain challenges

Retailers closing stores in 2024

RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.

High energy costs and a move to shopping online are also taking a toll, and many high street shops have struggled to keep going.

Here’s a list of all the big-name brands closing stores this year:

• Argos – The brand announced plans to close 100 standalone UK branches last year as it looks to move away from the high street and focus on expanding its presence in supermarkets.
• B&Q – The chain has over 300 shops across the UK, so chances are you have one near you, but some stores have closed in recent months.
• Boots – The health and beauty chain announced that it would be closing 300 stores last July. Closures are ongoing and this will see the retailer’s estate reduced from 2,200 to 1,900 shops.
• Clintons – Clintons mulled plans to close 38 shops in a bid to avoid insolvency late last year. We’ve listed the stores affected.
• Costa Coffee – The caffeine giant has around 2,000 sites nationwide, so chances are you’ll have one near you. The chain has shut the doors to dozens of its sites recently. We’ve revealed which stores are due to close this year.
• Iceland – The supermarket has more than 900 stores but closed nearly two dozen sites in 2023, and more selected shops are due to shut.
• Lidl – The supermarket, which has 950 stores, is changing up shop locations, which has meant that some stores have to close. But the retailer is also looking to open 12 new supermarkets.
• M&S – M&S, which runs 405 stores across the country, has been closing a string of branches across the country in a blow for shoppers. It’s not all bad news, though, because the chain also has big plans to open dozens of new shops as well.
• Trespass – The firm announced in July last year that it was closing six branches, but more are on the way.
• WHSmith – The retail giant, which runs over 1,100 stores, has shuttered eight stores since March 2023, but more are coming.

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Keira Clarke

April 6, 2024 9:56 am