Another familiar face is vanishing from the British high street as retailer The Works confirms plans to shut the doors of six of its stores for good. The announcement delivers a fresh blow to town centres across England and Wales already grappling with a challenging retail landscape.
The chain, known for its wide array of arts and crafts supplies, books, and stationery, has filed a notice of intention to appoint administrators for the affected shops. This legal step is often used by companies to secure protection from creditors while they restructure.
Which Stores Are Closing?
The six locations slated for closure have been identified. Shoppers in the following towns will soon see their local store disappear:
- Cardiff, Morgan Arcade
- Liverpool, Liverpool One
- Nottingham, Lister Gate
- Reading, The Oracle
- Southampton, Above Bar Street
- Stoke-on-Trent, intu Potteries
The company has stated that all employees at these branches have been informed of the difficult decision and will be supported throughout the consultation process.
Why is This Happening?
The move is part of a broader Company Voluntary Arrangement (CVA), a form of insolvency procedure used by struggling businesses to reach an agreement with creditors. For The Works, the goal is to ensure the long-term viability of its remaining 500+ stores across the UK.
A perfect storm of rising operational costs, skyrocketing energy bills, and shifting consumer shopping habits towards online platforms has put immense pressure on physical retail stores. This closure plan is a strategic effort to streamline the business and focus on more profitable locations.
While six stores are confirmed to close, the CVA could also lead to rent reductions on several other sites, providing the company with much-needed financial breathing room.
The Bigger Picture for the UK High Street
This news is the latest in a series of setbacks for the traditional British high street. The retail sector has been in a state of flux for years, with numerous well-known brands undergoing restructuring, closing stores, or collapsing entirely.
The decline is attributed to a combination of factors, including the relentless growth of e-commerce giants, high business rates, and the lasting economic impact of the COVID-19 pandemic, which accelerated the move to online shopping.
For communities, the loss of a high street store often means more than just losing a place to shop; it can lead to job losses, reduced footfall for neighbouring businesses, and another vacant unit blighting the town centre.
