Epic, owner of troubled gifts retailer Past Times, has another 10 days to conclude a deal or appoint administrators after it successfully applied for an extension on its notice to appoint an administrator as talks with interested parties continue.

Past Times

By the end of today, the private equity firm will have closed  47 Past Times stores, leaving around 50 open, Retail Week has learned. There are no current plans to shut further stores.

All pop-up stores that opened for the Christmas period are currently in the process of closing down.

The original deadline for Past Times’ owner Epic to have either concluded a sale or appoint administrators fell today. But it now has until Friday January 20.

Discussions surround all as well as parts of the business.

Past Times confirmed its intention to appoint an administrator on December 29. KPMG is advising the retailer.

Epic and KPMG declined to comment.