Deathwatch: Whittard on the Brink of Administration
Another high-street chain is on the brink of administration today. Whittard of Chelsea, the high street tea and coffee chain, is said to be lining up the Ernst & Young accountants to find a new buyer. According to a source at the company:
“Whittard is still trading and it has not filed for administration yet. It’s still talking to potential buyers. Ernst & Young have been appointed as administrators though should it go into administration.”
With 2 days left before Christmas, it's been said that up to 15 major retailers could be at risk of going under unless sales stay up, with Boxing Day sales moved 48 hours early. Even John Lewis will start its clearance sale online at 6pm on Christmas Eve, which is the earliest it has ever held the sale. Superdrug will also be having an online sale just shortly past midnight on December 24, with discounts of up to 90%.
But a company in bad shape surely isn't going to make it through? I suppose 2009 will tell.