By guest author Sahar Nazir from Retail Gazette
- Frasers Group to close Psyche flagship store in Middlesbrough
- It will rebrand it into the Flannels chain
- The store is expected to close on August 9
Fraser Group is reportedly set to close Psyche’s flagship store in Middlesbrough and rebrand it into the Flannels chain.
The store is expected to close on August 9 when a rebrand will begin with a proposed September opening, Teesside Live reported.
Frasers Group, which owns Sports Direct, House of Fraser, and Flannels, bought the Psyche business last year from owner and founder Steve Cochrane.
The value of the deal had not been disclosed.
The current Flannels store in Middlesbrough town centre, on the site of the former BHS, will remain open and will sell childrenswear.
“I sold Psyche in good faith and I have to support Frasers and the decision. It is more profitable to them for the store to become a Flannels,” Cochrane said.
He now serves as the head of childrenswear for Frasers Group.
After the takeover, which was confirmed last December, Cochrane said the deal would secure the future of the store, its online operations and its 58 workers by becoming part of the large retail group.
No jobs will be lost in when Psyche transforms into a Flannels store.