Four major high street fashion brands could see up to 400 stores shut worldwide as their parent company embarks on a significant retail restructuring. The Foschini Group (TFG), which owns Phase Eight, Hobbs, Whistles and White Stuff, is considering closing as many as 400 locations across its global portfolio.
Current Closures and Future Plans
TFG has already committed to shutting more than 100 underperforming stores this year. The company, which operates stores in Birmingham, may eventually close up to 400 stores globally. TFG stated it would “accelerate right-sizing” of Phase Eight’s footprint and costs over the next 12 months, though it did not disclose specific store numbers or locations under review.
Reasons Behind the Closures
TFG said Phase Eight’s performance had been “heavily impacted over several years” by the decline of department stores. Trading conditions in London and Australia were described as “more challenging than expected.” The group reported a 29.4% rise in sales to £488 million in the year to March 31, boosted by its acquisition of White Stuff.
CEO Anthony Thunström told The Sunday Times that the group had identified 300 underperforming stores across its international portfolio. However, he emphasized that closures are a “last resort” and would only proceed after other efforts to improve performance.
Company Statement
“FY26 was a challenging year as weaker consumer demand and margin pressure impacted profitability across the group. While these conditions were largely outside of our control, our response was not,” Thunström said. “We acted decisively to reduce costs, manage inventory, preserve cash and strengthen the resilience of the business.” He added, “We have invested significantly over a number of years to build scaled retail, digital and logistics platforms that position us well for the future. As online penetration continues to grow and our omni-channel capabilities scale, we believe we are increasingly able to drive growth through a more capital-light model while remaining focused on improving profitability and returns.”
