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Another One Bites the Dust: The Original Factory Shop Axes Middlewich Store




God, here we go again.

The Original Factory Shop just announced they're shuttering another location – this time it's the Middlewich branch getting the axe. I swear, keeping track of these closures is like watching dominoes fall in slow motion. The Cheshire store joins what's becoming a depressingly long list of casualties in TOFS's ongoing death spiral.

They've launched the usual "closing down sale" with up to 50% off, because nothing says "we're failing" quite like slashing prices to move inventory before the lights go out permanently.

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Local Shoppers Are Not Having It

The reaction from locals? Pretty much what you'd expect. One shopper called it "another blow" for the high street (understatement of teh year, honestly). Another person warned there would be "nothing left" in the area since "everything is closing down."

But this comment really got to me: "Your store was a highlight of my days during a really tough time when I lived in Middlewich." That's the human cost right there – these aren't just retail spaces, they're lifelines for people going through rough patches.

Someone else simply said: "This shop will be greatly missed."

The exact closing date? Still TBC, naturally. Because why give people concrete information when you can leave them hanging?

The Carnage Continues

Middlewich is just the latest victim in what's shaping up to be a retail massacre. Eleven TOFS stores are already set to close this month alone – we're talking locations across Worcestershire, Durham, and Cumbria getting the boot.

Then there's another five stores that have been put up for sale: Nairn, Market Drayton, Troon, Blairgowrie, and Castle Douglas. The company claims they're "negotiating with landlords," but let's be real – that's corporate speak for "we're probably screwed but haven't admitted it yet."

Here's the complete hit list so far:

Milford Haven, Pembrokeshire – June 26
Perth – June 28
Chester Le Street, County Durham – June 28
Arbroath, Angus – June 28
Kidwelly, Carmarthenshire – June 28
Pershore, Worcestershire – June 28
Normanton, West Yorkshire – June 28
Peterhead, Aberdeenshire – June 28
Shaftesbury, Dorset – June 28
Staveley, Cumbria – July 12
Middlewich – TBC

Modella Capital: The Grim Reaper of Retail?

All this chaos traces back to February when private equity firm Modella Capital swooped in and bought TOFS. Since then, it's been restructuring city – they're renegotiating rents at 88 stores and basically playing hardball with landlords.

Modella has quite the portfolio of struggling retailers. They've also grabbed Hobbycraft and WHSmith's high street shops (which they're rebranding to TGJones, because apparently nothing says "fresh start" like a completely random name change).

Back in April, they initiated a company voluntary arrangement (CVA) – which is basically corporate speak for "we're trying to avoid going completely under." CVAs let companies negotiate reduced rents and restructure debt, but they often come with a hefty price tag in store closures.

The Writing Was on the Wall

A TOFS spokesperson gave the usual corporate non-answer: "Closing stores is always a tough decision, and we are committed to keeping as many stores open as possible." They added that everything depends on "successful negotiations with landlords" as they try to build a "sustainable and successful business."

Translation: We're bleeding money and landlords aren't playing ball.

The company admitted that "a number of loss-making stores will have to close" as part of their restructuring. No kidding – they've already shuttered more than a dozen locations over the past year.

Listen, I get that retail is tough right now. Online shopping, rising costs, changing consumer habits – it's a perfect storm. But watching these community anchors disappear one by one feels like watching small-town Britain slowly die.

Poor Middlewich. Another high street casualty in the making.


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Statistics

  • A report by Bankrate indicated that only 29% of Americans have a written financial plan.
  • A survey by the American Psychological Association found that 72% of Americans reported feeling stressed about money at some point in the past month.
  • As of 2021, the average American household had approximately $8,400 in credit card debt, according to Experian.
  • The average return on investment for the S&P 500 over the past 90 years is about 10% per annum.
  • Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
  • As of 2021, the median household income in the U.S. was approximately $67,521, according to the U.S. Census Bureau.
  • According to a Gallup poll, 56% of Americans report that their financial situation is better than it was a year ago.
  • According to the Bureau of Labor Statistics, the average American spends about $1,500 per year on coffee.

External Links

nerdwallet.com

mint.com

thebalance.com

investopedia.com

finra.org

bankrate.com

irs.gov

aarp.org

How To

How To Save for Retirement Effectively

Saving for retirement begins with setting clear goals regarding when you want to retire and how much money you will need. Start by contributing to employer-sponsored retirement plans like a 401(k), especially if your employer offers matching contributions. If self-employed or your employer does not provide a plan, consider opening an Individual Retirement Account (IRA). Aim to save at least 15% of your income annually, including employer contributions. Regularly review and adjust your contributions as your income changes. Diversify your investments within your retirement accounts to reduce risk and maximize potential returns over time.