BusinessBusiness RecoveryBookshop chain faces redundancies

Bookshop chain faces redundancies

PricewaterhouseCoopers, interim administrator to bookstore chain James Thin, is to fire 60 staff and close seven of the company's 30 shops.

After an initial review the decision to close or sell off some of the chain’s stores and cut back the workforce was made in the hope that the company can still be sold as a going concern.

Bruce Cartwright, PwC partner, said: ‘We remain of the opinion that there is a substantial core business with an established brand and reputation.’

The 60 employees will leave with immediate effect. But, if the administrators cannot find a buyer for five of the seven stores tagged for closure or sale, a further 68 employees face redundancy next month.

Cartwright added: ‘In the event that it is not feasible to sell these five shops then they will be closed by early February with a further 68 employees based at these shops facing redundancy.’

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