Be chain Sleep.8 is giving up on the UK market and will cease operations by the end of the month.
The chain has closed five of its six branches, centred around London, retaining the Thurrock unit to handle customer enquiries and clear stock. It has told customers that outstanding orders will be fulfilled.
The chain has blamed ‘increasingly cost-prohibitive’ costs involved in retailing but says it is proud of the foundation its staff have created.
At the turn of the year the company was still pressing ahead with its expansion: opening on Baker Street, London in January and a flagship store on Tottenham Court Road, London in March.
‘While the company remains committed to its long-term vision for personalised sleep, current market conditions do not support continued retail investment in the UK,’ says a statement.
Sleep.8 says it will invest in seven stores in Spain and expanding partnerships with retailers and hotels.
‘This decision reflects our responsibility to invest wisely and focus on the markets where growth is achievable. We are grateful to every customer who chose to shop with us in the UK, and we want to thank our dedicated team members for the care and commitment they brought to every interaction. Their work has laid a foundation we’re proud of,’ says Paul Longman, Sleep.8 chief executive.
Frank Wessely and Richard Easterby of Quantuma Advisory have been appointed administrators.
