Tie Rack to close all stores by end of the year
EMPLOYERS’ relaxed attitude to staff turning up for work without a tie has left Tie Rack planning to close its 44 UK stores, putting 200 jobs at risk.
The chain, owned by Italian conglomerate the Fingen Group, said all of its high street stores would start closing-down sales today and would be shut by the end of the year. A handful of airport stores may stay open.
It has also asked accountancy firm Grant Thornton to look for buyers of its 30 overseas stores including those in Italy and France.
The Fingen Group will retain ownership of the Tie Rack brand online with its Tie Rack Rolling Luggage stores unaffected.
The company boasted more than 450 stores in the Nineties. However changing trends such as more casual dressing at work and shoppers’ reluctance to visit specialist retailers has battered demand, leaving it nursing an annual loss of £6.8million.
A spokesperson said: “Following a period of prolonged decline it is with regret we announce this closing-down sale.”
James McGregor of consultants Retail Remedy said: “Younger people don’t relate to it.”
