Wed, 25 Jan 2012 | MBO/MBI
The remaining operations of high street toy retailer, Harper’s Bazaar, have undergone a management buyout, saving the brand from administration.
The chain’s parent company, Tobar Group, was sold to that management in a deal orchestrated by administrators from restructuring specialists, Zolfo Cooper. The deal did not rescue 57 of the chain’s stores, however, which were shut down by the administrators while a deal was sought.
Prior to the administration, the chain had 65 stores across the UK, employing around 380 members of staff. It is believed that around 300 of those staff have been made redundant.
Peter Saville from Zolfo Cooper said that they were relieved to have been able to preserve some of the brand, which could hopefully be rebuilt into a successful operation by its new owners. The deal, which was supported by private equity group, Primary Capital, included all the stock, trading names and the wholesale and online retail operations.
“We are extremely pleased to have secured the sale of the Group which puts it on a firm footing for the future,” Mr Saville said. “We wish the group and its owners all the best for the future.”
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