Frasers to close Psyche Middlesbrough store and rebrand it as Flannels
Teesside designer clothes store Psyche is to close its doors, with the 40,000 sq ft location on Linthorpe Road expected to cease trading on 9 August.
The location will then undergo a rebrand and minor renovation to become a Flannels store, continuing to sell designer clothes for adults. The current Flannels store in Middlesbrough town centre (on the site of the former BHS) will remain open and will sell kidswear.
Billionaire Mike Ashley bought Psyche founder Steve Cochrane last December in a buyout deal, adding another name to his Frasers Group empire, which also owns Sports Direct, House of Fraser and Flannels.
Cochrane reportedly declined a previous takeover offer from Ashley’s business in 2017, but reconsidered with the high street “under the cosh” due to the Coronavirus pandemic, the superfast growth of online shopping and Brexit uncertainty.
Steve Cochrane, who continues to work for the Frasers Group as Head of Childrenswear, told Teeside Live: "It is going to be emotional when it happens. But I sold it to them in good faith and I have to support them and the decision. It is more profitable to them for the store to become a Flannels."
No jobs are expected to be lost during the closure and subsequent rebrand, with Psyche's online store continuing to trade as normal after the closure.