TJ Hughes’ new owners are making efforts to put the value department store group on a firmer financial footing.
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The 57-store group, which was sold to its management backed by private equity turnaround specialist Endless last week, is in discussions with landlords to secure improved terms. Credit insurers, which were understood to have cut cover before the change in ownership, are also being briefed on plans.
TJ Hughes, headed by chief executive Beatrice Lafon, was bought by Endless for an undisclosed sum from Silverfleet Capital, as revealed by Retail-Week.com last week.
Silverfleet had owned the retailer since 2003 and developed it from a base of 37 stores.
TJ Hughes was originally founded in Liverpool in 1912 and sells products ranging from homewares to electricals, but is understood to have found trading tough in recent times. An earlier attempt to sell the business for a reported £70m was pulled in June last year.
Endless’s retail interests include discount bookseller The Works, which it acquired from administration in May 2008 and has successfully turned around.
No comment was available from TJ Hughes or Endless.