Sleep.8, the global sleep technology brand, has announced an update to its retail footprint, with the closure of its UK store locations "as part of a broader strategic realignment across Europe".
Sleep.8 Intrinsic Ltd, the company's UK business, filed for administration yesterday. Frank Wessely and Richard Easterby of Quantuma Advisory are acting as the insolvency practitioners.
The decision follows a period of ongoing operational challenges in the UK, says Sleep.8, where the retail climate, particularly in London, has become increasingly cost-prohibitive: "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."
As part of this transition, five of Sleep.8’s six stores in London were closed yesterday. The Thurrock location will remain open for four weeks to support final in-store purchases and facilitate an orderly clearance of inventory.
CAPA have been appointed to carry out a rates review and audit over the 6 stores.
