US casual fashion retailer Forever 21 is to close its flagship in Scotland, which opened three years ago and employs 75 people.
The 65,000 sq ft store on Buchanan Street in Glasgow will be taken over by H&M.
In September last year Drapers reported that Forever 21 was scaling back its UK portfolio, as it closed its 20,000 sq ft store at Intu Trafford Centre in Manchester.
It was also said to be looking to exit its 35,000 sq ft store at Intu Lakeside shopping centre in Essex, as well as downsizing its 50,000 sq ft Dublin store and its 20,000 sq ft store in Bluewater, Kent, but it has not been confirmed if these changes have been made.
The chain first launched in the UK in 2010 and has stores at Oxford Street in London, Bullring Birmingham, Church Street in Liverpool and Westfield Stratford City, which are thought to be unaffected by the plans.
In its latest accounts filed at Companies House, turnover at Forever 21’s UK arm increased from £37.1m to £48.3m for the year to February 28, 2014. It reduced its pre-tax loss to £18.4m from £66.5m the previous year. Its 2015 accounts were due to be filed by November 30 and are overdue.
Forever 21 is represented in the UK by James Ebel, executive director at property adviser Harper Dennis Hobbs, who was unavailable for comment.
Forever 21 has not yet responded to Drapers’ request for comment.