Retail giant Mirabel has announced that it is closing all its outlets in the UK.
The retailer, which sells clothes, accessories and home goods online, said that it will sell its entire online business to its online competitor Amazon, which is currently operating the only UK outlet it owns.
In a statement, Mirabel said that its “business has not been able to continue to generate sufficient returns to support its operations”.
The retailer said that the closure of all its UK stores and the sale of its UK retail business to Amazon was a result of “continued weak demand” and “significant uncertainty” about the future of its online business.
In October, the company announced that its UK online business would be sold off to Amazon.
In March, it said that all of its shops would be closed by mid-2018.
The company said that sales at its UK retailers would be impacted by the closure, with the closures affecting “approximately 40,000 jobs across our entire UK retail footprint”.
Mirabel is the largest independent retailer in the country, with more than 5,000 stores in the United Kingdom.
It owns outlets in several cities including Leeds, Coventry, Glasgow, Edinburgh, Liverpool and London.
Its parent company, the British Home Office, said in a statement that it would continue to support Mirabel’s online and offline business, while it also continued to invest in new technology to help it serve the UK market better.
The UK is the world’s largest market for online retail, accounting for more than one-third of all online sales in the world.
In September, it became the first retailer to go public in the US.