Another well-known brand could be about to disappear of the high street for good. The owner of Supercuts, one of Britain’s biggest salon chains, has gone into administration, putting hundreds of jobs at risk.
According to Sky News, Regis UK – which runs Supercuts and the Regis brand – is now being run by the consultancy firm Deloitte.
It raises fears over the company’s 320 Supercut and Regis outlets, including branches in Newcastle’s Eldon Square, Sunderland and Gateshead.
A Supercuts spokeswoman decline to comment on the chain’s financial circumstances and Deloitte has been for a statement, according to the Daily Mirror .
Supercuts, a hair salon franchise, was founded in San Francisco Bay in 1975, by Geoffrey M. Rappaport and Frank E. Emmett.
The company’s first location was in Albany, California. The headquarters are in Minneapolis, Minnesota.
Today, Supercuts is owned by the Regis Corporation, which also owns Regis Salons, MiIts UK arm is owned and operated by private equity firm Regent, L.P., under a franchise agreement with Regis Corporation.
Today’s news comes less than a year after Regis UK announced it was seeking a rescue deal in order to stay afloat.
In October, the firm was looking to slash rents through a company voluntary arrangement (CVA) as it struggled with lower footfall, the apprenticeship levy and higher pension costs.
Related: Supercuts Franchise
At the time, Jackie Lang, managing director of Regis UK, said: “This action has been taken to restructure our costs to ultimately enable reinvestment into the business to improve our digital platforms and our expertise in salon.
“If successful, over 90% of our creditors will be unaffected.”
By Emma Munbodh and Sean Seddon
Source: Chronicle Live