A skater clothing store in the United Kingdom is taking the holiday season to the next level by dropping its line of clothes for the holidays, citing “the economic uncertainty and economic stress that we are facing.”
The chain, named Skatershop, will also stop selling Christmas decorations, including the traditional red Santa and elf head.
The decision comes after the company’s stock price dropped 50 percent from $0.03 per share to $0,919 per share on Friday.
The company said in a statement that “there is a real fear that we will be unable to keep up with the demand and that we won’t be able to meet the ever-increasing volume of demand that we have.”
Skatershops customers are being offered free gifts and discounts for purchasing Christmas merchandise during the holiday shopping season, as well as discounted rates on merchandise from retailers.
Skatershops spokesperson Sarah Smith said that the move is the result of the recent Brexit vote and the global economic uncertainty.
“In a global economy with uncertain growth prospects and limited growth prospects, it is critical that we continue to support our customers and suppliers, and that our businesses remain strong and healthy,” Smith said.
Skater Shop’s website states that the company has “more than 25 years of experience in the retail industry and its core focus is on supplying and selling our customers with high-quality, fashionable, and functional clothing.”
Skatershop will continue to offer its products to customers, including Christmas decorations and holiday apparel, and will also continue to provide discounts to Skatershoppers customers.
Skateshop has a total of seven locations in the U.K. and has a long history in the UK.
The UK is the only country in the European Union to have a full-fledged Skaterwear industry, according to the UK’s National Skater Association.
The U.S. and other countries have enacted laws against the illegal sale of clothing to children under age 14.