Joy, the fashion and accessories specialist, looks likely to plunge into administration and become the first retail collapse after Christmas.
Joy has filed notice of its intention to appoint administrators, the Sunday Times reported. It would be Joy’s third collapse, coming just two years after it was acquired out of insolvency in a pre-pack deal by its founders.
The retailer employs 182 people and has 10 stores, most of which are in London, and is reported to have put KRE Corporate Recovery on standby. KRE managed Joy’s previous administration two years ago.
Founded by Maureen Chadha, Joy also hit the buffers in 2008.
The likely administration of Joy followed what appears to have been a challenging final period of Christmas trading for bricks-and-mortar retailers. Footfall monitor Springboard, for instance, reported footfall declines on Christmas Eve and Boxing Day, although the Monday before Christmas was strong.
Overall the last year was tough for many retailers. Debenhams, Bonmarche, Mothercare UK, Karen Millen and Jack Wills were among the well known names to go into adminsitration in 2019.
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