UPDATED: The administrators of Focus DIY have confirmed the appointment of restructuring firm Gordon Brothers to advise on the sale of all stock with a view to “closing down the chain”.
Retail Week revealed on Friday that Gordon Brothers had been hired to liquidate stock this week, prompting fears of mass store closures.
Closing Down Sales will commence this weekend.
Ernst & Young said “it has not been possible to find a buyer for the Focus DIY Group as a whole”.
3,000 jobs are at risk across about 120 stores.
Simon Allport, Joint Administrator said, “We have been working hard to sell the business as a going concern and to maximise value for creditors.
“While we have been successful in securing up to 900 jobs from the sale of 55 stores in three separate deals, finding a buyer for the whole of the business has not been possible.
“UK retailers are facing one of the most challenging retail environments in recent times and the DIY sector has become highly competitive, with only the strongest players being able to thrive and survive.”
Ernst & Young said the stock liquidation is “likely to result in a number of Focus stores closing with remaining employees going through a redundancy process”.
It added that employees will be offered appropriate support and advice.
Focus collapsed into administration earlier this month after a credit default, as revealed by Retail-Week.com.
111 redundancies were made at head office at the time.