Hole has introduced it should shut 19 shops within the UK and Eire this 12 months after reporting losses of £740m in simply three months. Hole didn’t say which shops would shut or what number of jobs could be affected.
The clothes chain turns into the newest retailer to completely shut websites throughout the coronavirus pandemic which has severely impacted gross sales. Peacocks, John Lewis and H&M are amongst a number of manufacturers to have introduced closures and job cuts, whereas Debenhams has disappeared from excessive streets altogether.
In line with the Centre for Retail Analysis, there have been 14,809 everlasting retail retailer closures between March 2020 and February 2021.
Hole launched a evaluate of its enterprise final 12 months after plunging to a loss throughout the pandemic. In October final 12 months, the chain stated it may probably shut all its UK, Eire, France and Italy shops as a part of the evaluate.
It closed one in every of its two Oxford Road shops in December and won’t renew leases on some shops which can be attributable to expire on 31 July.
In an announcement, Hole stated: “We consider within the energy of Hole model internationally. By a strategic evaluate begun final fall, we’re evaluating our working mannequin in Europe.
“We’re eager to take care of a presence in Europe. Whereas we proceed to take a look at completely different working fashions for our UK and ROI enterprise, prospects might proceed buying Hole on-line or at one in every of our different 50-plus Hole shops.”
A spokesperson added: “We’re proposing to shut 19 Hole shops in the UK and the Republic of Eire which have leases ending on the finish of July 2021.
“These leases usually are not being prolonged because of the strategic evaluate that we’ve underneath manner.”