Tue, 10 Sep 2013 | ADMINISTRATION
Dominoes Toys, a 30-year-old independent store in Leicester, has entered administration and is hopefully to be sold as a distressed business.
Tyrone Courtman and Nick Edwards, from Cooper Parry's East Midlands team, have been appointed as joint administrators of the business.
The well-loved family business has struggled with financial pressure and competition over the past few years and financial woes reached breaking point this month as it continued to fail to turn a profit and stacked up trading losses of around £150,000 in the past four or five months.
In the past few years Dominoes has lost around £1 million, despite the fact that just two years ago it was named the best independent toy store in Britain at the Toy Industry Awards and has continued to receive warmth from locals.
Mr Courtman told Toyworld Magazine of Dominoes' difficulties: “This is a well-known and much loved Leicester business which has enjoyed many years of success.
“However, with increased competition from supermarkets and online retailers a long-term, viable and profitable future for the business was unlikely. As part of the administration process we will be continuing to trade as normal for the time being whilst the position is assessed and will be seeking a buyer for the company’s business as a going concern.”
He encouraged anyone interested in buying the distressed business to get in touch.
Over half of the company's staff (18 of 28) have been made redundant as administrators work to put the company in a stronger position ahead of a business sale.
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