British handbag brand Radley has launched a closing down sale as it prepares to shut all 21 of its physical stores across the UK. The iconic fashion label, known for its distinctive dog logo, confirmed the closures due to a sustained period of challenging economic conditions.
Closing Down Sale Underway
Radley London announced on June 24 that the closing down sale has begun, with reductions across all categories. The sale includes brand new season stock “at exceptional prices,” according to a company spokesperson. Stores and the online shop will continue to trade until further notice.
The spokesperson said: “There are some truly exceptional offers available across all categories. Everything has been reduced, including new season pieces. We anticipate strong demand and expect key styles to sell through quickly; we would like to thank our loyal customers for their support over the years and invite them to shop early to avoid disappointment.”
Financial Struggles
In the last financial year, Radley suffered a pre-tax loss of £5.5 million, with turnover falling from £72 million to £65.8 million. The company was rescued from administration by Gordon Brothers, the retail giant behind Poundland, which acquired the Radley brand name and intellectual property assets. FTI Consulting, the administrators overseeing the deal, attributed the losses to a “sustained period of challenging economic conditions for the retail environment.”
Store Closures List
Radley’s main stores in London’s Covent Garden and Glasgow are expected to remain open until the end of summer to sell off remaining stock. The full list of 21 retail locations set to close includes: Covent Garden, Glasgow, Ashford, Banbridge, Braintree, Bridgend, Cannock, Castleford, Cheshire Oaks, Cotswolds, Dalton Park, Doncaster, Gretna, Gunwharf Quays, Livingston, Mansfield, O2 London, Springfield, Somerset, Swindon, and York.
Alongside these standalone stores, Radley also operates 19 concessions and outlets, which will also shut down, delivering another blow to the British high street.
