BYE BYE
‘Another hole in the high street’ cry shoppers as fashion chain to close store after already shutting 200 branches
The chain collapsed into administration in 2020
A HIGH street fashion chain is to close another branch after already closing more than 200 branches.
Peacocks, which once had more than 400 stores across the UK, is to close one of its shops later this month.
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Shoppers have spotted a sign on the appear in the window of the store in Arc Shopping Centre in Bury St Edmunds, according to local news reports.
It reads: "Peacocks closing down January 25th 2024."
The Sun has contacted Peacocks for comment.
Shoppers have taken to social media to share their frustration at the closure.
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One Facebook user said: "That's a shame. Another hole in the high street."
Another added: "Lucky we still have one in our area."
A simply wrote: "Tut tut."
Peacocks is also leasing its high-street outlet in Market Drayton, Shropshire.
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The shop is listed on property site Rightmove for £2,500pcm.
Peacocks fashion chain fell into administration in November 2020 after the pandemic shut high streets.
In April 2021, 200 of its over 420 stores were saved when it was bought out of administration by an international investment consortium, but 200 stores sadly closed.
However, it has been slowly reappearing on high streets around the country and has built back up to around 350 stores, according to its LinkedIn page.
It comes after The Sun revealed Peacocks plans to open seven new stores in the near future.
Why are retailers closing branches?
The cost of living crisis, stubbornly high inflation and energy costs are taking their toll on retailers.
Shoppers have been cutting back spending, while the cost of actually running a store has also increased, meaning some outlets have struggled to keep going.
Figures from the British Retail Consortium (BRC) last summer found the UK had lost 6,000 stores over five years.
Several major brands also collapsed and closed stores for good in 2023.
Wilko's fall in August marked the biggest British retail collapse since McColl's plunged into administration in May 2022.
Paperchase collapsed into administration at the end of January 2023 and all 106 stores closed for good.
Scottish clothing brand M&Co and wellies retailer Joules were among a host of other familiar brands that went bust in 2022.
But shoppers still have reason to be cheerful as other retailers are expanding this year.
The Sun recently revealed discount retailer Costco is expanding in the UK and is planning to open 14 more warehouses over the next two years.
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Bonmarche is opening at least seven new stores after filing for administration in 2019.
Once-huge bakery chain Patisserie Valerie, which also collapsed into administration and closed most of its stores, has started reopening branches, as revealed by the Sun.
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