The final page has turned at County Bookshops, the discount bookseller, which has emerged as an early casualty of a tough Christmas for retailers.
County went into administration - for the second time in three years - on December 29, after poor trading during the festive period.
Administrator KPMG plans to sell the business as a going concern. 'We have a number of interested parties already,' said KPMG manager Steve Absolom, adding it could go to a competitor or a new entrant. A few stores closed before Christmas, but the remaining 48, all leasehold, will trade until the outcome is clearer. All 250 staff are still employed, he added.
County Bookshops swung from a pre-tax loss of£1.1 million in the six months to July 2001 to a pre-tax profit of£722,000 in the six months to January 2002, under the leadership of managing director Paul Anderson - who brought the company out of administration after problems in 2001.
He would not comment on the latest development, but it has been a price-competitive Christmas for some booksellers - WHSmith has already issued a profit warning.
Ottakar's finance director Edward Knighton said County's unhappy ending was unsurprising: 'If the specialist (book) chains are narrowing prices, it makes it harder for the discounters.' He said it was very unlikely Ottakar's would bid for County.
Retail Knowledge Bank research director Robert Clark said: 'The niche sector for discounted books has been marginalised by superstores and the Internet.'
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