Tie Rack in a knot as it starts to sell off bricks and mortar stores

 
Kasmira Jefford
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STRUGGLING retailer Tie Rack is to begin its exit from the high street today, putting 200 jobs at risk.

The owners of the chain said yesterday that it will begin closing Tie Rack’s 44 remaining stores, 30 years after it was founded by South African entrepreneur Roy Bishko.

The closing-down sale is expected to begin today, with all UK shops due to close for good by the end of the year.

Tie Rack’s Italian owners The Fingen Group are understood to have asked accountancy firm Grant Thornton to look for buyers for around 30 overseas stores.

The current owners will retain ownership of the brand online.

James McGregor of the retail consultants, Retail Remedy, said: “Tie Rack is another brand with an eighties feel and in the current marketplace that can rapidly prove fatal. It’s another example of a retailer that has failed to move with the times.”

The closure comes after the collapse of film rental chain Blockbuster and shoe retailer Barratts in recent weeks.