Book retailer enters administration
The future of 50 discount book stores and 397 jobs in the balance as retailer enters administration
A 30-year old discount book chain has entered into administration.
Administrators from
Tenon
have taken over 50
Bookworld, Bargain
Books and bw! stores after the retailer struggled to maintain the
network due to competition from the internet and supermarkets.
Joint administrator, Tom MacLennan, MD of Tenon in Scotland and head of
corporate recovery, will continue to trade the business while searching for a
buyer.
‘While competition from the internet and supermarkets has triggered the
administration, a turnover of £30m clearly indicates that there is strong demand
for discount stores on the high street,’ said MacLennan.
Eight stores have closed immediately with the loss of 44 jobs, a further 21
redundancies will follow along with another four store closures.
The company employed 397 staff.
Further reading:
Oligarch seeks to buy back TVR from
administrators
Two-thirds of Music Zone stores sold by
Deloitte
400 jobs lost as Benjys goes into
administration