Psyche store to close after Frasers buyout, to be rebranded as Flannels
Fashion retailer Psyche is to close its flagship store in Middlesborough and will be rebranded into the high-end Flannels chain, owned by the Fraser Group.
The store is expected to close on 9 August when a rebrand will begin with a proposed September opening.
Fraser Group bought the Psyche business from owner and founder Steve Cochrane last December. The current Flannels store in Middlesbrough town centre, on the site of the former BHS, will remain open and will sell childrenswear.
Cochrane, who is now head of childrenswear for the Frasers Group, told Teeside Live: "I sold [Psyche]… in good faith and I have to support [Frasers] and the decision. It is more profitable to them for the store to become a Flannels”.
After the takeover, which was confirmed last December, Cochrane said the deal would secure the future of the store, its online operations and its 58 workers by becoming part of the large retail group.
However, no jobs will be lost in when it transforms into a Flannels, he said, also noting the website will continue. "I opened Psyche 39 years ago, we have won every single award going including UK Retailer of the Year," he added.
Psyche has also been recognised with a multitude of awards, including FHM Magazine’s Retailer of the Year, GQ Magazine’s Best Menswear Shop and runner up to Harrods in Department Store of the Year. It has also been recognised by The Times as the 35th best online shopping website worldwide.
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