Deathwatch: Bay Trading in administration, swim with the fishes
After predicting the collapse of the High Street at Christmas time, it's been all too quiet on the Deathwatch front recently. Not to worry because Bay Trading has started the ball rolling again, after announcing it was been placed in administration.
1,000 jobs at nearly 300 branches of the store are at risk. Parent company Alexon - who also own lesser known brands such as Ann Harvey, Dash, Estrex and Kaliko - reported a full year pre-tax loss of nearly £28 million, compared with a profit of £12 million the previous year.
The company has stated that Bay Trading had been loss-making and had relied on funding from the rest of the group to survive. Administrators Deloitte are to keep the stores running for the time being to try and secure a buyer. Good luck with that.