Bathstore.com has collapsed into administration following years of tough trading conditions, putting hundreds of jobs at risk.
Administrators from BDO have said the specialist bathroom retailer – which has 135 stores – will continue to trade while a sale is explored.
If a buyer can’t be found, 531 staff jobs across its stores and its Welwyn Garden City head office will be on the line.
Bathstore’s latest accounts showed a pre-tax loss of £22m on sales of £141m in the year to July 31, 2017.
The group’s owner, American billionaire Warren Stephens, recently provided a £15m loan and extended the maturity of previous loans until the end of July but is unwilling to inject more cash into the business, according to The Guardian.
The specialist retailer recently blamed its poor trading conditions on ongoing political uncertainty and falling consumer confidence.
BDO Business Restructuring partner Ryan Grant said: “Despite significant investment into the business over the past five years, Bathstore has struggled to overcome the well-documented challenges facing the UK retail sector.
“The appointment was made after several months of difficult trading, and the failure of ongoing talks to find a buyer for the business.
“Bathstore is continuing to trade in administration, while the administrators seek a buyer.
“Subject to available stock, Bathstore is expecting to be able to satisfy the majority of outstanding customer orders, with the support of key stakeholders. However, all installation services have ceased with immediate effect.”