All the retailers shutting shops in February including Iceland, Farmfoods and Homesense
All the retailers shutting shops in February including Iceland, Farmfoods and Homesense
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AFTER a tough few years for retail more shops are set to shutter their doors in February. Shoppers have faced a swathe of closures on their local high streets in recent years as many favourite chains closed branches. And with increases in employment costs set to bite in April it seems unlikely that 2025 will be any different.
![[a person is holding a sign that says closed]](https://www.thesun.co.uk/wp-content/uploads/2024/09/pcp5mk-bankruptcy-failed-business-going-915860673.jpg?strip=all&w=960)
Many retailers have warned that the increase to employer National Insurance rates will see them hike costs and review their estates and expansion plans. The news follows tough times on the high street with shops having recorded months of reduced footfall and less money landing in the tills as a result of the cost-of-living crisis.
People have naturally cut back on retail therapy as they have found they have less cash in their back pockets. The decline in spending along with high rents and costs, have already forced many chains to pursue restructuring plans and close locations. Figures from the Centre for Retail Research revealed that 8,543 stores had closed by mid-November 2024 and more than 130,000 retail jobs had been lost.
This year has already seen some high profile names close stores including Monki and The Entertainer. Of course, it's not all bad news. In some cases branches will be replaced with bigger and better shops. Retailers regularly open and close shops for a number of reasons - not just because they are struggling.
