Tie Rack is to close all of its UK high street stores and some of its airport shops by the end of the year, putting 200 jobs at risk.
The owners of the British brand, The Fingen Group, will begin a closing down sale in all of its 44 stores on Wednesday (November 20).
As exclusively reported by Drapers in October, investment from an unnamed backer, understood to be primarily interested in the group’s Rolling Luggage fascia, placed the retailer under threat.
All of the stores on the high street will shut, although negotiations are underway with British airport operators about Tie Rack retaining a presence at some of the airports, although the fate of those discussions is uncertain.
Accountancy firm Grant Thornton is understood to have been asked by Tie Rack’s owners to secure prospective buyers of the overseas shops.
In its most recent financial results for the year to January 31, 2012, Tie Rack’s turnover was £68.1m, with a pretax loss of £6.8m.
Tie Rack’s Rolling Luggage fascia will not be affected by the store closures.