Deathwatch: TJ Hughes on the brink of administration
Sadly, Britain’s going Retail Deathwatch crazy this week and another one looks set to bite the dust – TJ Hughes has filed an intention to appoint an administrator, which could mean the closure of their 57 stores and job losses for as many as 4,000 staff.
The discount department store has been around since 1912 but is believed to have needed a £30 million cash injection in order to survive, something it hasn’t been able to achieve.
The Guardian are reporting that a pre-pack administration could be on the cards, where TJ Hughes’ owner acquires the most profitable stores and hangs the rest out to dry along with its debts. There’s classy, eh?
TJ Hughes follows fashion chain Jane Norman, Habitat and Homeform, all of whom have headed down the retail dumper in the past few days.
TOPICS: High Street News