Money: Bathstore collapse to deepen retail carnage - PressFrom - United Kingdom

MoneyBathstore collapse to deepen retail carnage

10:10  20 june  2019
10:10  20 june  2019 Source:

Lakeside-owner Intu puts Green’s Arcadia on brink

Lakeside-owner Intu puts Green’s Arcadia on brink Lakeside-owner Intu puts Green’s Arcadia on brink

Company appoints advisers to handle possible administration after failing to find buyer.

Bathstore is the country's leading specialist bathroom retailer with 150+ stores across the UK. Finance provided by PayPal Credit, Terms and conditions apply, Credit subject to status, UK residents only. bathstore acts as a broker and offers finance from a restricted range of finance providers.

Bathstore collapse to deepen retail carnage © Press Release Bathstore is lining up accountancy firm BDO to manage an insolvency process

The carnage gripping Britain's retail sector is on the brink of claiming another victim with the specialist bathrooms chain Bathstore ‎close to appointing administrators.

Sky News has learnt that privately owned‎ Bathstore is lining up BDO, the accountancy firm, to handle an insolvency process.

Sources said that a notice of intention to appoint BDO as administrators is likely to be filed early next week.

BDO declined to comment‎, while Bathstore, whch trades from more than 160 stores across the UK, could not be reached for comment.

Topshop owner averts collapse as rescue deal scrapes through

Topshop owner averts collapse as rescue deal scrapes through Sir Philip Green's high street retail empire has averted the prospect of collapse after securing enough support for a package of rescue measures in a knife-edge vote. Arcadia Group - whose brands include Topshop, Dorothy Perkins and Burton - needed to win 75% of votes among creditors to win the day. Under the so-called company voluntary arrangements (CVAs), the tycoon plans to close 50 of his 566 trading outlets employing 18,000 staff across the UK and Ireland.

Retail carnage deepens as Bathstore nears collapse . Sky News.

It has been another week of U.S. retail carnage , with multiple chains reporting store closures. Electronics retailer RadioShack has closed more than 1,000 stores since Memorial Day weekend and has become a virtual goner, saying it will only have 72 company-owned stores remaining by Thursday.

The size of the company's workforce was unclear on Wednesday‎ evening, but an administration process would be likely to endanger hundreds of jobs.

If a rescue deal cannot be agreed, it would be the latest collapse of a well-known British retailer, following chains including Maplin and Toys R Us, both of which have gone bust in the last 18 months.

Tens of thousands of jobs have been lost elsewhere across the sector, with companies such as Debenhams, House of Fraser and New Look all closing stores and slashing jobs.

Most recently, Sir Philip Green's Arcadia Group, which owns Top Shop, has been forced to beg creditors for approval for a rescue deal.

On Friday, Monsoon Accessorize will unveil a plan to seek steep rent cuts in exchange for handing landlords a £10m share of future profits.

Arcadia did not come close to collapse, says Sir Philip Green

Arcadia did not come close to collapse, says Sir Philip Green The group announced on Wednesday that its company voluntary arrangements had all been voted through at a reconvened meeting of creditors.

The collapse of so many retail stores , chains and malls is due in large part to the growing dominance of Amazon. In 2015, Amazon surpassed Walmart as the most valuable retailer in the U.S. In the last quarter of 2017, Amazon’s profits exceeded billion for the first time.

47,885 likes · 105 were here. bathstore is the largest bathroom specialist on the UK high street, bringing design led quality bathrooms to the See more of bathstore on Facebook. Retail Company.

The high street crisis has spurred a range of calls for government help, although beyond a series of funds aimed at regenerating high streets, little assistance has materialised.

Bathstore has been struggling for some time, undergoing several changes of ownership during the last decade.

Last year, it explored a merger with rival Victoria Plum, but the talks failed to result in a deal.

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Boots confirms 200 store closures.
Boots confirms 200 store closures

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