UK and US Retail, Auto Sectors See Major Closures

A wave of closures is affecting retail and automotive sectors in both the UK and US. Historic UK department store Beales is closing its last location after 140 years, citing recent government budget tax hikes as a reason for making business unsustainable. Lookers and Marshall Motor Group are consolidating branches in response to shifting brand agreements and pandemic-related challenges, with some staff being relocated. In the aftermarket auto parts industry, Wheel Pros (Hoonigan) and Accuride Corp have filed for bankruptcy due to inflation, supply chain issues, and the pandemic's lingering effects. US restaurant chain Red Robin plans to close 15 locations this year as part of ongoing restructuring, though specific locations have not been disclosed. These developments reflect broader economic pressures, including increased operating costs and weakened consumer demand.