Tue, 17 Jan 2012 | ADMINISTRATION
As forecast in our previous story on Past Times earlier this month, the firm has entered administration.
Mark Firmin, Howard Smith and Mr Pope of KPMG have been appointed as the administrators. The business is still trading from 51 stores with 500 staff, after its management closed 46 stores and made 507 people redundant before entering administration.
After being appointed, the administrators made a further 67 job cuts - 30 from the firm’s headquarters in Oxfordshire and 37 from its warehouse.
It is understood the administrators will wind down the nostalgia gift retail chain if a buyer is not found. The loss-making business has been hit by the difficult trading conditions on the high street.
Despite offering its products at substantial discounts and the marketing undertaken for its Downton Abbey-themed gifts in an effort to boost sales, the firm failed to reach its targets over the crucial Christmas trading period.
If a buyer is not secured, the remaining Past Times stores will commence closing down across the UK, and customers will to be able to buy significantly discounted goods.
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