Two Town Centre Shops Under Threat – Thomas Cook & Dreams

UPDATE THURSDAY: It has been confirmed that the Thomas Cook shop in Wrexham is one of the 195 stores that is earmarked for closure, however a ‘consultation’ will occur before this happens.

Yesterdays story:
Two nationwide chains with shops in Wrexham are currently under threat nationally, leaving the future of local shops up in the air.

Dreams is based on Central Retail Park, and although a substantial section of the business has been bought out of administration 95 shops have not. The Wrexham store is believed to be one of the 95.

Thomas Cook is based in the town centre, on Hope Street, and is possibly under threat as the chain announced they will consult on closing 195 stores nationwide with 2,500 job losses. Staff are reportedly due to find out more information on their futures today.

A statement by Thomas Cook said “As Thomas Cook UK & Ireland continues to focus on the turnaround of the business it has today entered a 90 day consultation process with a number of its UK employees on the next phase of the three-year programme to transform its operations.”

Ernst & Young Administrator Alan Hudson said about Dreams “High street retailers have faced unprecedented conditions over recent years and the market for higher value discretionary purchases has been particularly tough.”

“Dreams is a well-known market leader, but in common with many others has suffered as a result of this depressed retail environment, a rapid expansion of its store portfolio and onerous lease liabilities.”

This news today follows the closure of HMV,  Jessops, Staples and Comet recently – with the likes of Game also going earlier in 2012.

More as we have it…