Bag retailer with Norwich branch goes into liquidation with loss of 350 jobs
PUBLISHED: 17:11 16 May 2018 | UPDATED: 12:15 17 May 2018
A national luggage and handbag retailer with a branch in Norwich has gone into liquidation, with all staff being made redundant.
Bags Etc Ltd, which also traded as Domo, went into liquidation on May 1. The company had 58 shops and 350 staff in the UK and Ireland, and called in liquidators from restructuring and insolvency firm CVR Global after experiencing financial difficulties.
The Harlow-headquartered retailer was formed in 2003 and had grown to a £20m turnover business, employing around 350 people across its shops and warehouse operations.
It has closed its branch in Norwich’s Castle Mall, which today was shuttered up.
Liquidators said stores in poor locations and customers’ preference for online rivals had hit the chain hard.
Elias Paourou, partner at CVR Global, said: “Over recent years the retailer suffered with a number of stores in its portfolio that were loss-making as consumers congregated to stronger, premium and central shopping centres, resulting in its stores that were located in suburban shopping centres losing significant traffic flow.
“In addition, the shift in consumer behaviour towards online platforms also provided a detrimental effect on overall sales via stores.
“Consequently the company was not able to continue trading, resulting in liquidation and the staff being made redundant.”
Other East of England stores to close include Basildon, Braintree, Cambridge, Clacton, Harlow and Saffron Walden.