Tue, 13 Dec 2011 | ADMINISTRATION
Administrators have been appointed to the Gemstone Retail Limited and Gemstone Operations Limited companies, which own the high street jewellery retailers, HPJ and Jewel Nation.
The shops are to be traded throughout the Christmas period, according to joint administrators, Simon Thomas and Robert Pick, from Moorfields Corporate Recovery LLP. They hope that continuing to trade the shops will allow them to maximise the value of the current high volumes of gift-related stock in the stores.
“It is regrettable to see familiar retail names fall victim to the current conditions,” Mr Thomas said. “It appears every responsible step was taken to rationalise the business and protect jobs, but Moorfields’ priority now is to protect the interests of creditors by trading the business in administration to realise its assets.”
The stores had previously been bought out of administration in February this year, by turnaround specialists Gordon Brothers Europe. Their attempts at restructuring failed to bring the businesses out of financial difficulties and turnover was said to be 10 per cent below budget at the end of last week when the administrators were called in.
Mr Pick added that they had not given up hope of finding a buyer for the brands. He explained, “We are continuing to explore the possibility of a sale of the business and assets. The business may yet prove an opportunity for the right buyer.”
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