A major homeware brand is set to close a high street store next week, after six years open. Lakeland is shutting its branch in Broad Street, Reading, on August 8.
The Reading store’s windows now have signs reading that the branch is closing and “everything must go”. Customers reacted to the news on social media, with one user saying, “Oh no! I love Lakeland products! I hate being forced to shop online for my favourite kitchen and homeware items. Reading used to be a vibrant shopping centre that I loved visiting, but not anymore!” Another said: “What? I love that shop. There’s going to be nothing left soon.” One user commented: “It’s sad when shops have to close, especially in my hometown, Reading.”
The Reading store is not the first to close, branches in Syon Park, West London, and Eastgate Shopping Centre, Inverness, closed earlier this year.
The Windermere-based chain has 58 stores across the UK and employs over 1,000 people. It was created in 1964 and was previously run by three sons of the founder.
This closure comes after Lakeland began searching for tens of millions of pounds in investment due to “challenging economic conditions”, hiring financial advisors to help them explore their options. In April, the retailer underwent a management buyout by Hilco Capital.
Hilco, which has also backed HMV and Superdry, is expected to make an offer to jewellery chain Claire’s soon, amid bids from other investors including Alteri and Modella.
Claire’s, with almost 300 UK stores, said “general economic conditions including inflation, currency rates, labour supply and transportation capacity” had affected the company’s operating and product costs.
A similar sale was made earlier this year when Modella, linked to Ted Baker, Paperchase, Jigsaw, Hobbycraft, and Lakeland, bought all of WHSmith’s high street stores.