A HIGH street retailer with 12 locations has abruptly closed all branches after the brand was forced to cease trading.
UK-based start-up, Sook, has closed all its branches after failing to find sufficient funding.
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It operated branches in locations such as London, Birmingham, Southampton, Liverpool, Newcastle, Leeds and Kent
The company was founded in 2019 to improve the “future of the high street by providing brands with access to flexible pop-up spaces”.
It brought empty retail spaces back to life by allowing brands like Depop and TikTok to open pop-ups.
Founder John Hoyle said in a LinkedIn post: “I’m devastated to announce the closure of Sook.
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“In spite of the extraordinary efforts of our team, growing sales and achieving international scale we were unable to raise sufficient investment to continue in the current environment.
“I’m so proud of all that we achieved and incredibly sad that we cannot continue.
“Please support our team members as they search for new roles.
“They have first-hand experience of disrupting the retail and real estate sectors during incredibly challenging times.
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“Thank you to everyone who supported us over the last five years.”
Over 200 people have reacted to the news of the brand’s closure on Linkedin.
One person said: “This is dreadful news with which to start the New Year.”
Another said: “Sorry to hear this. Sook was a brand everyone knew. I think the testament is how highly everyone speaks of you.”
“Great effort in a tough time which undoubtedly took its toll,” said a third.
Why are retailers closing branches?
The cost of living crisis, stubbornly high inflation and energy costs are taking their toll on retailers.
Shoppers have been cutting back spending, while the cost of actually running a store has also increased, meaning some outlets have struggled to keep going.
Figures from the British Retail Consortium (BRC) last summer found the UK had lost 6,000 stores over five years.
Several major brands also collapsed and closed stores for good in 2023.
Wilko‘s fall in August marked the biggest British retail collapse since McColl’s plunged into administration in May 2022.
Paperchase collapsed into administration at the end of January 2023 and all 106 stores closed for good.
Scottish clothing brand M&Co and wellies retailer Joules were among a host of other familiar brands that went bust in 2022.
But shoppers still have reason to be cheerful as other retailers are expanding this year.
The Sun recently revealed discount retailer Costco is expanding in the UK and is planning to open 14 more warehouses over the next two years.
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Bonmarche is opening at least seven new stores after filing for administration in 2019.
Once-huge bakery chain Patisserie Valerie, which also collapsed into administration and closed most of its stores, has started reopening branches, as revealed by the Sun.
