Tue, 03 Jan 2012 | ADMINISTRATION
Past Times is due to be put into administration in the second week of January after its sales did not reach targets in the pre-Christmas period.
It is understood KPMG will be brought in to manage the administration process.
Owned by Epic Private Equity, the firm sells its retro-themed gifts from 100 stores across the UK. Products sold include jewellery and watches, stationery, books, toys and games.
In the run up to Christmas the retailer engaged in heavy discounting and marketing for its Downton Abbey-themed memorabilia, which includes printed mugs, cushions, calendars and DVDs, in an effort to boost sales.
It is thought the move into administration could be deliberate, as the firm looks to reorganise the business.
Neville Kahn, head of global reorganisation services at Deloittes commented to The Independent: “Some high-street retailers may look at administration in the first quarter as a way to reorganise their business; shut unprofitable stores while keeping some core locations open. This is what we could be seeing with retailers such as D2 Jeans and maybe Past Times as well.”
Established in 1986, Past Times is based in Oxfordshire and started out by selling its products from catalogues.
It made losses of £1.53 million in 2010, with revenues of £46.5 million.
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