New Psyche owner Fraser Group seems sets to close Psyche’s flagship store in Middlesbrough and rebrand it as a Flannels location.
It will continue to trade as a Psyche location until 9 August and then a transformation of the store will take place,, with a target to reopen it as a Flannels store sometime the following month, Teeside Live reported.
The owner of Sports Direct, House of Fraser and Flannels purchased Psyche last year from Owner and Founder Steve Cochrane, who now serves as the Head of Childrenswear for Flannels. “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,” Cochrane said.
Confirmed in December, Cochrane announced that the deal would secure the future of the store, its online operations and the 58 workers on site. No jobs are set to be lost when it transforms to a Flannels store.
