Fri, 22 Jul 2011 | ADMINISTRATION
Three weeks after entering administration, the hunt for a new owner for beleaguered retailer TG Hughes continues.
The administrators, Tom Jack and Simon Allport of Ernest & Young, have spoken to 30 interested parties, but no sale has, as yet, been forthcoming.
Attempts to find a new owner are pressing on, though it is expected that a number of TG Hughes’ 56 stores will be closed down.
Liquidator GA Europe purchased the retailer’s £10 million debt pile last week, and is managing the clearance sales at all of the stores.
The department store chain, which retails branded homeware, electricals, toys, clothing and beauty products at discounted prices, entered administration on 30 June no longer able to cope with the effects of a loss in “credit insurer confidence”.
The jobs of the 4,000-strong workforce have been left hanging in the balance, while the administrators persevere in their search for a buyer.
The Business Sale Report reported the previous owner’s failed attempts to bring the retailer back to growth, in late June. Private equity group Endless had owned the retailer for three months before handing it over to the administrators, as consumers continue to keep their wallets in their pockets.
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