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The Original Factory Shop has announced that it will close 32 of its 124 UK stores after agreeing a Company Voluntary Agreement proposal.
The Burnley-based firm, which previously listed in Lancashire Business View's Big 50 and The Top Track 250 by The Sunday Times, has been hit by falling consumer spending in the country.
Despite turnover reaching £190m last year, an increase of £5m, profits fell by more than £3m. Chief executive Tony Page resigned in March last year. The BBC has calculated that more than 22,000 high street retail jobs have been lost this year, with Maplin, Poundworld and Toys R Us closing their doors and Marks & Spencer, House of Fraser, New Look and more scaling back their operations.
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