Uncertain future for two local stores as continuing economic pressures put squeeze on retail sector

                                   

Uncertain future - the shop on the Meridien retail estate in Cleethorpes 

NEW owners are being sought for two retail chains  which have hit trading difficulties.

These are The Original Factory Shop, which has a branch in  Cleethorpes, and Claire's which has traded from a unit in Grimsby's Freshney Place.

It is understood that, this week, both chains have been put into administration by London-based Modella Capital, the restructuring firm that bought  them from previous owners but has been unsuccessful in turning around their fortunes.

All retailers are under immense pressure because economic conditions are making potential customers more cautious about parting with their money

Last year's National Insurance increase and the minimum wage rise have added to the squeeze.

Modella Capital also owns TG Jones - the High Street wing of the bookseller and newsagents formerly known as W.H.Smith.

Buyer sought for the Claire's chain