'Closing down' signs go up at Teesside designer clothes shop owned by billionaire Mike Ashley

Frasers on Linthorpe Road closing down
-Credit: (Image: Teesside Live)

'Closing down sale' signs have gone up in the window of the popular Middlesbrough department store.

Frasers will close its doors in September, according to a poster in the window of the Linthorpe Road store. Signs went up in the windows of the store this week announcing a 20% sale off full price items.

Many Teessiders will remember the shop as Psyche before its takeover by billionaire Mike Ashley. He bought the designer retailer, which traded for almost 40 years on the high street, in December 2020 for an undisclosed sum and gave the store its new name Frasers - with new signs put up in September 2022.

The billionaire retail tycoon's Frasers Group owns Sports Direct, House of Fraser, Flannels and other major retail brands. The former Uptons store became a destination for fashion followers across the North over the years.

Teesside visionary Steve Cochrane established his first store - Sliced Tomatoes, named after a Northern Soul record - in Redcar in 1982.

Frasers -Credit:Teesside Live

Since then his retail businesses have "won every award going" in the fashion world. Psyche followed soon after with smaller, separate men's and women's stores in Middlesbrough. Steve opened his fashion emporium following a major renovation job in 2003. He initially turned down an offer of a sale on the business.

Mike Ashley was named among wealthiest people in North East and Yorkshire in The Sunday Times Rich List in May 2023 .

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