ADMINISTRATORS to home furnishings retailer Paul Simon have managed to save a large tranche of the business through a sale.
Deloitte partners Lee Manning and Nick Edwards, the joint administrators, sold seven stores to Lewis’ Home Retail, saving 73 jobs. However, a further eight stores were shut at the loss of 59 jobs. Five other stores were closed in April.
A further 30 stores remain trading by the administrators while a buyer is sought.
Manning said: “We are pleased to have some good news during the administration of Paul Simon. However, this is not a sale of the brand and we will see further clearance sales at the closing stores. This market remains challenging, especially for out of town retailers, and the increasing importance of online sales caused an erosion of margins.”
Head of Editorial Kevin Reed looks at the week's news, including the BHS and Austin Reed administration, Accountex and much more.
MPs launch probe into the sale of BHS that will look at role of auditors and accountancy firms in sale process
A short moratorium will give struggling companies a chance to be open with their creditors and negotiate a way out of their problems transparently, says Sykes
Out of a dozen sectors profiled only oil and gas and manufacturing were deemed to have a higher than normal risk of insolvency