Fashion retailer Gio Goi has scrapped all its UK stores as a result of tough trading conditions.
The young fashion brand, which had three stores in Aberdeen, Manchester and Glasgow, is understood to have closed the shops at different points across the past six weeks. The stores had been open less than two years.
Gio Goi, which sold a 20% stake in the business to Pentland Brands in 2008, will continue with its wholesale arm. It is thought it has around 300 stockists including Asos, Bank and Amazon.
A statement from the company said it had closed its UK retail arm after “performing an internal review following one of the toughest economic high street winters in recent memory. The brand’s key strategic focus is its current wholesale partners and international opportunities which were being restricted by the retail business.
Gio GoI feels that the retail division was conflicting with key partners and consumer requirements in the current climate.”
The statement also said: “Gio Goi is currently in negotiations with international opportunities in the USA, Germany and the Far East and continues to strengthen its partnerships in the UK.”
A source said that up to 50 staff have been made redundant. The company, which would not confirm the number of job losses, said the redundancies were primarily retail related and that all senior management remained within the business.
The brand was founded by Christopher and Anthony Donnelly in 1987 before being relaunched in 1995 following investment from USC co-founder and now chief executive David Douglas.