Get you up to speed: High street brand Radley to close all shops including London flagship | News UK
Radley, a UK accessories brand, is facing multiple store closures after being bought out of administration by Gordon Brothers. FTI Consulting has confirmed 42 job losses with immediate effect as all Radley branches, including flagship stores in Glasgow and Covent Garden, are expected to close by September.
Radley, now under the ownership of Gordon Brothers, is expected to cease operations at all 21 UK stores by September, with current stock being sold until then. The administration process, overseen by FTI Consulting, has already resulted in 42 immediate job losses, and further redundancies are anticipated as the closures proceed.
Radley, recently acquired by Gordon Brothers, is expected to close all 21 of its UK shops by September, leading to immediate job losses for 42 employees. FTI Consulting, appointed as administrator, stated it will assist affected team members with redundancy claims amidst a challenging retail environment marked by declining customer demand and rising operating costs.
What remains unclear — It is not known how many additional job losses will occur as a result of the store closures.
Radley to close all stores, including flagship locations in London and Glasgow
Major UK accessories brand Radley is facing multiple store closures after being bought out of administration by Poundland owner Gordon Brothers.
The handbag chain operates 21 shops across the UK and was founded by Australian designer Lowell Harder in London when it operated as a stall in Camden Market during the 1990s.
It was owned by private equity firm Freshstream after the company bought it in 2016, but was put up for sale earlier this year and snapped up by business management consultant Gordon Brothers this week.
The deal includes Radley’s brand and intellectual property assets, but it does not include the company’s retail operations.
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Radley and FTI Consulting, which was appointed as administrator on Tuesday, has confirmed 42 job losses with immediate effect, but more are expected as Radley’s shops face closure by September.
A spokesperson for FTI said: ‘The administration team will guide and support affected team members over the coming weeks through the redundancy claims process.
‘The administration appointments follow a sustained period of challenging economic conditions for the retail environment, including declining customer demand and increasing operating costs, all of which have had a negative impact on trading.’
Which Radley shops face closure?
All Radley branches, including its two flagship stores in Glasgow and London’s Covent Garden as well as its 19 outlet branches, are expected to close following the buyout agreement.
The full list:
- Covent Garden
- Glasgow
- Ashford (Outlet)
- Banbridge (Outlet)
- Braintree (Outlet)
- Bridgend (Outlet)
- Cannock (Outlet)
- Castleford (Outlet)
- Cheshire Oaks (Outlet)
- Cotswolds (Outlet)
- Dalton Park (Outlet)
- Doncaster (Outlet)
- Gretna (Outlet)
- Gunwharf Quays (Outlet)
- Livingston (Outlet)
- Mansfield (Outlet)
- O2 London (Outlet)
- Springfield (Outlet)
- Somerset (Outlet)
- Swindon (Outlet)
- York (Outlet)
According to Drapers, the stores are expected to continue trading until September to ‘shift stock’.
The news comes days after Quiz Clothing announced the closure of all its stores and Morrisons confirmed it would be closing around 100 of its Daily convenience stores.
It also comes after numerous other closures hit retail chains, restaurants, and banks earlier this month, including Franco Manca, Santander, The Real Greek, and more.