This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-16582233
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Past Times goes into administration | Past Times goes into administration |
(40 minutes later) | |
Past Times has appointed administrators from KPMG to try to sell the business as a going concern. | Past Times has appointed administrators from KPMG to try to sell the business as a going concern. |
The retailer had already closed 46 stores, resulting in 507 redundancies. | The retailer had already closed 46 stores, resulting in 507 redundancies. |
The remaining 51 stores will continue to trade for now, although 30 people have been made redundant at its head office and another 37 at its warehouse. | |
The administrators said the remaining stores would enter a "closing-down mode", with "significantly discounted stock". | The administrators said the remaining stores would enter a "closing-down mode", with "significantly discounted stock". |
They added that there would be "an orderly wind-down in the event a going-concern sale cannot be concluded". | They added that there would be "an orderly wind-down in the event a going-concern sale cannot be concluded". |
There are 500 employees at the remaining 51 stores. | There are 500 employees at the remaining 51 stores. |
There are 31 people still employed at the head office in Witney in Oxfordshire and at the warehouse. | There are 31 people still employed at the head office in Witney in Oxfordshire and at the warehouse. |
"The loss-making business is a casualty of difficult trading conditions for the retail sector, which has seen discretionary spend fall as consumer confidence declined during the last year," the administrators' statement said. | "The loss-making business is a casualty of difficult trading conditions for the retail sector, which has seen discretionary spend fall as consumer confidence declined during the last year," the administrators' statement said. |
Past Times was owned by Epic Private Equity, a firm specialising in "distressed" companies, which bought it out of administration for £7.75m in 2005. | |
It had announced its intention to call in administrators late last year, but then had to leave at least a 10-day gap before doing so. |
Previous version
1
Next version