Bay Trading’s new owner has entered into lease negotiations after buying a raft of stores and concessions from the administrator of the chain.
Bay Design Limited, which is owned by clothing supplier Rinku Group, bought 45 Bay Trading stores, 85 concessions and all of the chain’s stock last month.
Harper Dennis Hobbs will now enter talks with the landlords that own the affected shops and concessions on behalf of Rinku Group, with the aim of renegotiating leases. The outlets are in high street locations and shopping centres.
Harper Dennis Hobbs director David Harper said: “It is great to have a successful concession business entering the high street by rescuing a struggling retailer, which will preserve jobs and stores.”
Bay Trading was placed into the hands of administrator Deloitte in April after its then parent Alexon faced continuing losses from the brand. The parent companymade a pre-tax loss of £27.7m last year, after recording a profit of £12m the previous year.
While the purchase of the stores by Rinku Group will preserve the brand and the stores it has chosen to buy, the collapse of Bay Trading has resulted in the closure of 125 stores and the loss of around 1,200 jobs.
Rinku Group operates concessions-based retail brands including Tigi-Wear, Viz-a-Viz and iZ.