KPMG administrators called in at Toyworld
Toyworld enters administration after quiet trading period at Christmas
A quiet trading period over Christmas has forced
Toyworld
into administration.
The toy retailer, which operates in 22 locations across Northern England,
Scotland and Northern Ireland, employed 223 staff but has made 122 redundant
with immediate effect.
KPMG restructuring
partner and administrator David Crawshaw said a quiet trading period and
difficulties getting stock out to stores had forced the company into insolvency
proceedings.
Sources at KPMG said its partners would pay the company’s business rates
following the controversial Trident court case decision last week, which saw
business rates determined as an expense ahead of administrators’ remuneration.
However, the rates should not be a major factor in the attempts to sell the
business.
Further reading:
Insolvency set back 20 years by court
ruling
Breaking news: Trident ruling goes against
administrators
Administrators face business rate burden