Uncertainty surrounds future of popular Bolsover store

Uncertainty surrounds the future of a popular store in Bolsover.

Thursday, 29th November 2018, 12:55 pm
Updated Thursday, 29th November 2018, 2:00 pm
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Bosses are currently holding talks about the future of The Original Factory Shop on Market Place.

A well-placed source said: “The Original Factory Shop is currently in discussions with the landlord of its store in Bolsover, having been served notice by the landlord.

“The Original Factory Shop doesn’t want the store to close.

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“The company believes it plays an important part in the local Bolsover community and is trying to agree terms with the landlord to ensure that the store can be retained.”

The Derbyshire Times has been contacted by a member of the public who has received an email from The Original Factory Shop which states that ‘unfortunately our Bolsover store is closing’.

The email adds that a closing down sale is being held.

However, the source said: “The store is not yet confirmed for closure while discussion with the landlord remains ongoing.”

It is understood all staff members at the store have been notified about the situation and will be kept updated on any progress.

Established in 1969, The Original Factory Shop brings big brands at bargain prices to Britain’s high streets.

The chain sells a wide range of items including clothes, homeware, toys and personal care products.

Profit drop

During the summer it emerged that The Original Factory Shop would shut 32 stores after its Company Voluntary Agreement (CVA) was aproved.

The CVI – a step short of administration – is an insolvency procedure which restructures debts and closes loss-making stores.

According to the Retail Gazete, The Original Factory Shop reported a profit drop of £3.1million in 2017 – despite turnover rising by £5m to £190m.

The Original Factory Shop is one of the many victims of tough retail conditions this year.

A number of other companies – including House of Fraser, Marks and Spencer and Mothercare – have also announced they are closing branches across the UK.