A PRESTIGIOUS jewellery chain with 155 UK sites is to close 16 stores putting dozens of jobs at risk.
The news comes after the opened “one of the largest” Rolex boutiques in in earlier this month, a spokesperson said.
In the last reported financial year, the group opened 22 showrooms, refurbished 15 and acquired 15 through jewellers Ernest Jones.
But now, The of Group – based in Leicestershire – has confirmed it will close 16 showrooms across the country and that 40 people were expected to leave the .
Where possible, affected staff at the company – which has 709 support service staff members – will be redeployed.
The company said its “priority [was] to support all affected colleagues”.
A statement from the Watches of Switzerland Group said: “We continually assess our operations to remain as efficient and productive as possible.
“Whilst we intend to continue growing our showroom estate organically and by acquisition, following a recent review, we have regrettably made the difficult decision to close 16 showrooms in the UK.
“We have also reviewed our support services to ensure we are operating in the most efficient and productive way to power our growth and are regrettably proposing that circa 40 roles will be at risk of redundancy.”
The firm has not yet said which showrooms will close but we will update you as soon as we find out.
High Street Closures
A number of high street chains do and have closed locations.
Clothing brand Weird Fish has shut its location in Horsham, West and it has been taken off the list of store locations on the Weird Fish website.
has also announced it isafterand going into.
Founded in the 1970s, Winfields has been a “long-established company” in the area.
Despite its popularity among locals though, the small hiking brand has suffered financials losses which are believed to have driven the brand's recent .
also confirmed yesterday it was shutting its Bexleyheath store for good, as it plans to axe nearly 100 locations.
The fashion retailer has struggled with tax changes announced in the budget.
Meanwhile shop Scope recently shut 39 stores, with all closing on March 31.
