Wynsors World of Shoes closed its Bacup branch in Lancashire yesterday, October 10, after running a closing-down sale with discounts reaching 50%.
The chain, which operates 47 stores across the UK, has been closing a number of branches after its parent company warned of job cuts and rent increases. A closing-down sale had been running at the Bacup store over the last few weeks, with further discounts introduced as the closure neared, including a 30% reduction on Kickers school shoes.
Parent company restructuring
Wynsors is owned by the private equity group Modella Capital, which announced earlier this year the closure of 17 of its stores. Modella Capital briefed staff on plans for a company voluntary arrangement on Tuesday, June 2, a process often used by retailers to compromise with landlords and other creditors to avoid insolvency.
As well as store closures, the plans include closing one of Wynsors' two distribution centres. When the closures were announced, it was reported that around 100 staff were set to lose their jobs.
Company statement
Adam Foster, CEO of Wynsors, told The Sun in June: "Wynsors has been a trusted name on high streets for over 40 years, serving communities across the north of England with quality, affordable footwear. Regrettably, the severity of the challenges we have faced, ranging from an extremely difficult trading environment to a significant cyber-attack disrupting our core operations, have made this restructuring unavoidable."
He continued: "This CVA is a necessary step to give Wynsors a viable future. Our focus now is on working constructively with our creditors, including landlords and other stakeholders, to allow us to continue serving our customers and providing jobs for colleagues who will stay with the business."
Affected stores and local reaction
The full list of stores affected includes Crewe, Leeds, Sheffield, Wakefield, Fleetwood, Burnley, Oldham, Salford, Bury, Rochdale, Hanley, Birkenhead, Bootle, Bacup, Bolton, Gateshead, and Sunderland. The closure date for each remains unknown.
Locals in Bacup shared their disappointment about the store's closure. One customer said: "Great little shop, shame it is closing down." Another shared: "Shame it’s shutting, got a cracking pair of boots."
Modella Capital has acquired several other British retailers over the past couple of years, including Claire’s and The Original Factory Shop, and also bought WH Smith, which it rebranded as TG Jones.
