Restructuring specialist GA Europe has acquired private equity firm Endless’s debt in TJ Hughes, the discount department store group which is in administration.
GA will also clear stock through TJ Hughes stores.
Joint administrator Tom Jack of Ernst & Young said that efforts continue to sell TJ Hughes as a going concern. He said “We are already in discussions with over 30 interested parties and we are encouraged by the strong level of interest in the business and its portfolio of 57 stores.
“However, there are significant stock levels and we therefore must ensure we are also pursuing a strategy to trade this stock through the business, in case we cannot find buyers for all of the Company’s stores and employees. Promotional activity will therefore commence immediately in all TJ Hughes stores.”