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Thorntons, Carpetright and T J Hughes become latest high-street victims

High-street retailers deepen retail gloom following a squeeze in consumer spending brought about by the financial crisis
 High-street retailers facing tough times
 
 

 

T J Hughes, Thorntons and Carpetright have become the latest retail casualties on the high-street.

Last night Thorntons announced the closure of up to 180 stores across the UK.

The chocolate retailer plans to halve its portfolio of 364 stores over the next three years.

It joins HMV, Game and JJB, which are all shrinking their retail portfolio’s in order to survive.

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Thorntons will adopt a new strategy that focuses on growing online sales and expanding its commercial division, which sells branded chocolate through supermarkets and other retailers.

The chocolatier is looking to make the business less dependent on seasonal events like Christmas and Easter by increasing its product selection to include more gifts.

It has been another tough week for the retail sector.

T J Hughes has also given official notice that it intends to appoint an administrator over the next 10 days, adding further gloom to the beleaguered high-street.  

The department store could suffer the same fate as fashion retailer Jane Norman in going into administration.  

Carpetright, which has issued two profit warnings this year, has seen a 70 percent slide in full-year profits and will close more stores as a result. 

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