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.
The stores that closed last year as part of this round of cuts are:
The retailer denied that the move is part of the £35million cost-cutting measures it announced last year.
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 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:
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