THE Mill Shop, the gifts and clothing retail outlet of the Buckfast Spinning Company, is to close down with the loss of four jobs.
The closure was announced earlier this week and has been blamed on the global economic slowdown.
David Salter, joint managing director of the Buckfast Spinning Company, said that other elements of the business would not be affected.
'The shop has been open for more than 50 years, so the closure is obviously a decision not taken lightly,' said Mr Salter. 'But the retail of fashion and gifts has become ever more difficult during the years, with these difficulties felt by everyone from small businesses to the multi-nationals.
'We have 10 staff in the shop at the moment and we will, unfortunately, be losing four of them while the remaining six will move sideways into other parts of the company. Two of them already work within carpet sales and the other four will be re-trained.
'The reaction from staff has been one of sadness and surprise. But they are at the sharp end of the business and I think they understand why this had to be done and that it is only a commercial decision.
'As for our customers, I think they will be upset. We have built up a lot of loyalty over the years.'
'Of course, the gifts and fashions shop was only part of a sideline and this closure should not be seen as affecting the rest of the company. There is a plus side, in that it has been decided to expand the carpet and rugs side of the business, using the shop premises.'
A sale of gifts and women's and men's clothing will begin today and continue throughout January and February until the shop's eventual closure in the spring.
Refurbishment of the premises will then take place, preparing the shop for its new role as a carpet, rugs and remnants showroom.