Thu, 29 Aug 2013 | ADMINISTRATION
Administrators Deloitte look set to close down the last remaining Modelzone stores next month after receiving "no viable offers" for the business.
Modelzone brought in administrators after its difficulties came to a head following the last quarterly rent day. Landlords look likely to be left out of pocket due to the timing of the collapse. Increases in online competition and unprofitable new stores were blamed for the business' difficulties.
Of the company's 47 outlets, many were closed immediately, but 18 remained open until this week when they too closed their doors with the loss of a further 126 jobs.
Although efforts have been made to track down a potential buyer for the distressed retailer, time appears to have run out. Joint administrator Richard Hawes explained the position: "We sought to find a potential buyer for some or all of the stores, but unfortunately no viable offers have come in since our appointment two months ago.
"Once again, we would like to thank the company’s employees for their support and professionalism during this time."
Modelzone has roots going back as far as 1937 but an ambitious expansion left the company financially overstretched.
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