Mon, 19 May 2014 | ADMINISTRATION
The final 22 Paul Simon stores will be closed over the coming month resulting in the loss of 209 jobs, administrators have confirmed.
The home furnishings retailer entered administration on 2 April 2014. While the administrators – Deloitte – were able to sell seven outlets to TJ Hughes, no buyer has been found for the remaining stores, meaning the business will be closed by mid-June.
The seller of curtains, binds, carpets, sofas and beds operated out of 51 stores mainly located in out-of-town retail parks in the south and south-east of England, and had a 550-strong workforce. While many stores had already been closed, the final 22 which were still open for business will now face a phased closure and all stock will be sold off.
Paul Simon was affected by flooding in February as well as the fact that online sales were eating into margins.
Lee Manning, joint administrator and partner at Deloitte, said: “We very much regret that a buyer for the remaining stores as a going concern could not be found. We will close stores over the coming weeks, selling the remaining unsold stock in these stores in clearance sales. The business cannot trade indefinitely without the prospect of a buyer.
“The sector in which Paul Simon operates remains a challenging market. Loss-making stores with excessive rents, a complicated delivery model for relatively modest transaction sizes and financing problems combined to reduce the ongoing viability of the enterprise.”
The 22 stores due to be closed are: Aylesbury, Aylesford, Basildon, Byfleet, Catford, Chadwell Heath, Colchester, Crawley, Croydon, Fareham, Farnborough, Ipswich, Milton Keynes, Northampton, Norwich, Orpington, Peterborough, Rayleigh, Southampton, Stevenage, Swindon, Watford.
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