Clothes shop in Great Yarmouth’s Market Gates centre closes as chain’s future hangs in the balance
PUBLISHED: 12:53 15 November 2018 | UPDATED: 17:38 15 November 2018
Menswear retailer Blue Inc has become the latest high-street name to run into trouble, after reportedly calling in advisers to help with the sale of the business.
The chain has stores in Norfolk and Suffolk, including Norwich’s Castle Mall, the Market Gates shopping centre in Great Yarmouth, Broad Street in King’s Lynn and the Sailmakers shopping centre in Ipswich.
The Great Yarmouth outlet on Thursday was closed, with signs in the window advising customers to visit the Ipswich branch instead.
It has already been through a restructuring in which underperforming stores were closed but has now asked business advisers Begbies Traynor to find a buyer, Sky News has reported.
Industry insiders have said the chain may need to find new funding quickly.
Begbies Traynor and Blue Inc have not responded to requests for comment.
The retailer is the latest to show signs of stress in a year which has seen many big-name high-street chains facing difficulty.
On Wednesday, House of Fraser announced it would close its store in Norwich’s Chapelfield shopping centre after negotiations over rent foundered.
Meanwhile, Marks and Spencer and New Look have both announced store closure plans and Debenhams has issued profit warnings.
Stores are trying to cope with shifting consumer spending habits, as more people shop online, and juggle rising rents, business rates, staffing and import costs.