Springfield Retail, which trades as Art, blamed a sharp decline in turnover during the past year for its demise. Recovery specialist Begbies Traynor is seeking to secure a sale of the business and safeguard jobs.
Art has 30 stores in England and Scotland. Begbies Traynor said that every effort had been made to secure all 120 jobs, but a small number of personnel from the outlets and the East Kilbride headquarters had to be made redundant.
Begbies Traynor partner Ken Pattullo said: “The 30 per cent loss in turnover over a 12-month period was a huge burden for Art’s directors to overcome and they had no alternative but to place the company into administration. We hope to secure a sale of the business as quickly and efficiently as possible to allow the outlets to continue trading in the long term.”
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