Tie Rack to close UK stores

Tie Rack is to close its 44 UK stores by the end of the year, putting around 200 jobs at

risk.

The Fingen Group, Tie Rack’s Italian owners, have launched a closing down sale at its high street stores and is aiming to have all outlets closed by the end of the year. The only standalone stores that might be saved are the ones it operates in airports.

A spokesman for Tie Rack said: "Following a period of prolonged decline in Tie Rack's fortunes, it is with regret that we today announce this closing down sale. Management are working with staff to provide support during this difficult time."

According to The Telegraph, the group is understood to have asked accountancy firm Grant Thornton to look for prospective buyers for around 30 Tie Rack’s overseas stores, however the online business will remain in the current shareholders ownership.

Tie Rack was founded by South African entrepreneur Roy Bishko in 1981 and at its peak in 1998 it had more than 450 shops. However, since then the tie specialists has faced tough competition from the high street and declining sales.