Sented candle retailer goes bust
High Street candle retailer Wax Lyrical has been placed into receivership by its US owner Blyth.
Wax Lyrical is the UK’s largest specialist candle retailer with some £10m sales yearly from 35 shops that employ 175 people in the UK.
Blyth acquired a majority interest in Wax Lyrical in February 2000. Following disappointing Christmas sales, it stated the candle chain ‘has been unable to achieve sustained profitability’.
It expects Wax Lyrical to produce ‘substantial’ operation losses in its current financial year and downgraded Blyth’s fourth quarter profit forecast.
‘We have learned a lot, with the results clearly indicating that our combined direct sales and consumer wholesale strategy is the preferred method of growth,’ said Robert Goergen, Chairman of the Board and CEO of Blyth.
Wax Lyrical shops are still open for business as the receiver looks to sell the chain as a going concern.