Planet Organic has been “forced” to close its store in Spitalfields, after failing to agree a lease with the landlord.
The store, located at 132 Commercial Street, was one of 10 saved by founder Renée Elliott’s deal to buy the business out of administration in April 2023. As part of the deal, Bioren Limited, Planet’s holding company, was granted licences to all 10 properties, but would have to renegotiate its leaseholds with landlords for each site separately.
It’s the third Planet store to close as a result, following the closure of its Balham store in September 2023, and the closure and relocation of its store in Westbourne Grove earlier this year. When Spitalfields shuts on 26 January, it will leave Planet with eight stores, all based in London.
Elliott claims that despite efforts to extend the licence – which included the offer of a “substantial” premium to the administrator – the landlord has “refused to assign” the existing lease, and had served Planet with a fait accompli to leave the site. A new, as yet undisclosed, retailer will take over the store from January.
“This is very disappointing because this is a good store for Bioren which we wanted to retain and refurbish,” Elliott said.
The business notified staff yesterday and is working to find “every” affected worker roles elsewhere within the business.
Spitalfields was the final lease still under discussion following the administration, and therefore is expected to be the final Planet store to close. “All other leases and assets have been transferred to Bioren Limited,” Elliott said in a statement.
Planet Organic first opened the store in December 2021, following its acquisition of As Nature Intended, which had operated at the site since 2014.
Despite the closures, Elliott maintains that sales remain “strong” across the business, and she expects Planet to return to profit this year.
As part of Elliott’s ongoing plan to revive the business, Planet Organic has conducted a root and branch range review of all the lines it stocks, with a renewed focus on “nutritious foods for better health”. It’s seen brands including Huel and Little Moons delisted as a result.
Mark Broomfield was appointed as Planet’s new MD in May, to lead the next stage of the plan, which has included a brand refresh and the renovation of stores. In results published in June, Elliott hinted a new store opening was on the horizon, with the business finalising a lease for a “new store location”.
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