[michael21]

http://www.retail-week.com/sectors/f...ontentID=11086

Tie Rack is to close all of its high street stores and some of its airport shops by the end of the year, according to Sky News.

The owners of Tie Rack, an Italian company called The Fingen Group, will begin to close 44 of its stores on Wednesday. All of its high street stores will close, as well as some of its airport shops.

However, talks are underway with British airport operators to keep a presence at select airports including London Gatwick.

Sources told Sky News that a closing-down sale is expected to begin on Wednesday. The closures could threaten up to 200 jobs.

Accountancy firm Grant Thornton is understood to have been asked by Tie Rack’s owners to find prospective buyers for its the overseas shops. It has stores in countries including Italy, France and Portugal.

The current shareholders will retain ownership of the Tie Rack brand online, said one source.

Tie Rack, which at its peak operated 450 stores, reported sales of £61.3m and a loss of £6.8m in the 12 months to 31 January 2012.

Tie Rack’s Rolling Luggage fascia will not be affected by the store closures.

more people out of work just before xmas

[King Gizzard]

i've never even heard of tie rack

[HD]

Never heard of it.

[Kizzy]

I thought they went the same time as 'the sweater shop'

[michael21]

Originally Posted by Nathan

i've never even heard of tie rack

Originally Posted by Kizzy

I thought they went the same time as 'the sweater shop'

i guess this is why there closing

[michael21]

Originally Posted by HD

Never heard of it.

i guess this is why there closing

[Livia]

Oh no... where will I buy my ties now?

[Nedusa]

Not surprised...........I mean who wears ties these days ??

[King Gizzard]

and people that require ties (business types, teachers, lawyers etc etc) won't go to some chain store to buy them

[michael21]

Originally Posted by Livia

Oh no... where will I buy my ties now?

tieone

[fingers]

Their quality was absolutely total crap and their prices Sky High because of their expensive locations, surprised they lasted this long.

[Stu]

I can imagine the owner fuming that nobody appreciates a good tie anymore and then turning face down the framed pictures of ties on his office desk, tears welling up.

[fingers]

People do appreciate a good tie, trouble is, TieRack didn't sell them.

[michael21]

Originally Posted by fingers

People do appreciate a good tie, trouble is, TieRack didn't sell them.