Fri, 04 Feb 2011 | ADMINISTRATION
KPMG has been brought in to manage the administration of HPJ Retailing Ltd and Family Jewels Ltd.
The administrators have already sold the two businesses, which trade as JPJ Jewellers and Jewel Nation respectively, to two newly created entities - Gemstone Retail Ltd and Gemstone Operations Ltd. Gordon Brothers backed the deal.
HPJ Jewellers had been arguing with the landlords of its shops after it filed for protection from its creditors three times in a row whilst preparing for administration. The jewellers avoided paying rent to some of its landlords for up to six weeks when administrators were yet to be appointed.
The landlords concerned are believed to include Capital Shopping Centre, Town Centre Securities, Land Securities, ING Retail Property Fund and The Mail Fund.
The jewellers said they had been adversely affected by the rise in non-traditional jewellery retailers and fashion stores. The company's Christmas trading was much weaker than anticipated.
The sale is to include the transferral of 52 out of the 78 shops for the two brands. The trading names are to remain.
Joint administrator Paul Flint said the move "secures the jobs of the majority of the workforce and enables the business to continue trading."
Established in 1980, HPJ Retailing Ltd started out trading as Half Price Jewellers, and is focused on selling specialist discount jewellery. Its accounts show a turnover figure exceeding £27 million for the year to May 2009, down from £32.37 million on the year before.
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