Multiyork administrators have begun a managed wind-down process, which entails making 112 redundancies at the retailer’s Thetford headquarters.
The Charles Wade-owned firm collapsed into administration last month, leaving the future of its 50 stores and 547 staff hanging in the balance. Its stablemate Feather & Black followed closely behind.
Joint administrators Duff & Phelps said the redundancies have been made because “despite considerable effort”, it has not been possible to sell the entire business yet.
“While we recognise that there were some offers made, they were not at a level that either produced an acceptable outcome for the Company’s stakeholders or could guarantee the future stability of the business,” said Duff & Phelps’ Allan Graham.
Graham added that administrators will continue to sell all, or parts, of the business, while the managed wind-down continues.
He said that, during this period, the process of selling in-store display items and other business assets will begin. Customer orders will also continue to be fulfilled.
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