A major high street retailer is preparing to close all of its stores after nearly 36 years of doing business in another blow to the UK economy.
Fashion retailer LK Bennett will permanently shut all its remaining UK locations within five days, with nine stores and 13 concessionaries to cease opearting.
Shoppers have until early next week to visit the stores before they close for good, with the company's online shop already having stopped trading.
At its height, the retailer known for designer footwear, clothing and accessories operated 130 outlets worldwide and was stocked in prestigious department stores such as Selfridges and Harvey Nichols.
A high street staple is preparing to close ALL of its stores
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The brand entered administration in 2019, and has changed hands multiple times since then.
Most recently, Gordon Brothers, the owners of Poundland, purchased LK Bennett in January this year, though the acquisition did not include the company's physical retail presence.
Following this acquisition, this left nine standalone shops and 13 concessions without a buyer.
In an Instagram post yesterday, the retailer urged customers to take advantage of final discounts: "Only 6 days remain before our stores close. Visit us exclusively in-store to enjoy up to 80 per cent off across all collections. Once it's gone, it's gone don't miss your final chance to shop."
The fashion retailer will be the latest to leave the high street
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The high street has been hit with store closures in recent months. | PAYears of mounting financial strain ultimately proved insurmountable for the heritage brand, with declining sales compounding the pressure.
Retailers across the sector have grappled with escalating energy bills, increased wage costs, higher business rates, and pricier imports.
Many established names with extensive physical store networks face substantial fixed overheads that become untenable when consumer spending contracts.
Insolvency specialist Molly Monks F.I.P.A of Parker Walsh said the difficulties facing such brands are deep-rooted rather than sudden.
Britain's high streets have struggled in recent years | PAShe explained: "Many established brands were already operating on tight margins before recent economic shocks. Rising costs, legacy debt and reduced discretionary spending have created conditions where even well-known names can become vulnerable."
Here is a full list of the LK Bennet stores set to close:
- Bluewater shopping centre
- Canary Wharf
- Chester
- Duke of York Square, Chelsea
- Harrogate
- Knightsbridge
- New Bond Street
- Richmond
- Westfield White City
Here is a full list of the LK Bennett concessionaries set to close:
- Arnotts, Dublin
- Bentalls shopping centre, Kingston
- Brown Thomas, Dublin
- De Gruchy, Jersey
- Hoopers, Tunbridge Wells
- Hoopers, Wimslow
- Jarrolds, Norwich
- John Lewis, Edinburgh
- John Lewis, High Wycombe
- John Lewis, Oxford Street, London
- John Lewis, Manchester
- John Lewis, Oxford
- John Lewis, Cheadle