Watt Brothers’ flagship store on Sauchiehall Street will close its doors for the final time next weekend, with a further 53 staff set to lose their jobs.
Administrators at KPMG have confirmed that the Glasgow store will close on Sunday 15 December, almost two months after the iconic retailer fell into administration with the immediate loss of almost 230 jobs.
More than 50 staff were kept on at Sauchiehall Street to help clear stock, but will now be made redundant at the end of next week.
As the store enters its final week of trading, discounts of up to 70 per cent have been applied on all remaining products.
The fourth-generation family owned business, which has traded for more than 100 years, operated a chain of department stores throughout Scotland before entering administration in October.
Following KPMG's appointment as administrator, the firm announced that Watt Brothers' ten leasehold stores would close immediately, while its flagship Sauchiehall Street store would remain open to allow stock to be cleared.
The administrator said at the time it had "no other option" but to make 229 of Watt Brothers’ 306 employees redundant with immediate effect, as it attempted to secure a buyer for the business and its assets.
Last month KPMG confirmed the retailer's flagship Glasgow store would also close before the end of the year.
Blair Nimmo, joint administrator and UK head of restructuring at KPMG, said: "A substantial amount of stock has now been cleared and the remaining staff members continue to work tirelessly to clear all remaining items, with discounts of up to 70 per cent now in place.
"I want to thank the staff for their efforts in supporting this challenging process. 53 employees remain at the store and we’re working closely with Skills Development Scotland, via their PACE team, to support those who have been made redundant.”
Watt Brothers suffered from an increased strain on costs margins and rising competition from online and discount retailers, which resulted in the group generating a loss in 2018.
The 104-year-old retailer embarked on a process to secure new investment as trading losses continued in 2019, but this was unsuccessful.