Greetings cards retailer Thoughts has been bought in a pre-pack administration deal after it collapsed due to an absence of banking facilities.
The nine-store retailer - which operates shops in high-profile shopping centres including Birmingham’s Bull Ring, St David’s in Cardiff and Westfield London - will keep all stores open.
Thoughts collapsed earlier this month, appointing Kirk Hills as administrator, and was bought by its previous owners through a newly set up company, Thoughts Card Retail.
Thoughts Retail director Mathew Llewellyn said the new company has “restructured” and is close to securing banking facilities to ensure its survival.”We’re a new company with a new balance sheet which will be a key advantage”, he said. “We’re profitable on paper but we needed support.”
Thoughts shut its only store in Ireland three months ago, “due to the economy”, according to Llewellyn.
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