KPMG administrators called to gift retailer
High street loses another retailer as Past Times calls in KPMG administrators
KPMG insolvency professionals have been called to gift retailer Past Times as the company collapses amid difficult trading.
Howard Smith, Mark Firmin (pictured) and Joff Pope, partners at KPMG were appointed joint-administrators.
The high street business is yet another casualty of difficult trading conditions for the retail sector, with companies such as Barratts Priceless, La Senza, Blacks Leisure and Peacocks that have all collapsed so far this year.
Prior to the administrators’ appointment, Past Times management closed 46 stores which resulted in 507 redundancies.
Smith, Firmin and Pop have made 67 redundancies including 30 from the business’ head office, 37 from its warehouse and 31 from the stores on appointment.
The administrators are continuing to trade the business which has 51 stores and 500 employees remaining.