By Becky Waller-Davies2019-06-20T06:29:00
Bathstore is near to insolvency and has lined up accountants BDO to handle its administration.
The group’s owner, American billionaire Warren Stephens, is unwilling to inject more cash ahead of this month’s rent day, the Guardian reports, having failed to find a buyer for the loss-making business.
Administration would lead to the loss of 700 jobs and the closure of 168 stores.
Bathstore’s latest accounts show a pre-tax loss of £22m on sales of £141m in the year to July 31, 2017. The company said that it had been hit by falling consumer confidence and increased sourcing costs following the 2016 Brexit vote.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.