Tue, 06 May 2014 | ADMINISTRATION
Lewis Home Retail has bought seven Paul Simon stores out of administration.
Lewis Home Retail owns TJ Hughes, a chain of furniture shops. The stores bought were in Colindale, Chelmsford, Edmonton, Harlow, Hayes, Lakeside and New Malden.
As part of the deal, it is understood that some of the stores will be rebranded, while it was also reported that 73 jobs have been saved through the acquisition.
Deloitte’s Lee Manning and Nick Edwards were appointed joint administrators to Paul Simon Limited on 2 April 2014. The home furnishings retail chain, which was originally operating out of 51 stores, cited the floods at the start of the year and the decreasing margins of online sales as major reasons for its downfall.
Despite the sale of the seven shops, the administrators have also said that eight of the company’s shops will be closing, resulting in the loss of 59 jobs. The remaining 30 stores will continue to trade as normal while a buyer is sought for all or part of the business.
Lee Manning, Deloitte partner, said: “We’re pleased to have some good news during the administration of Paul Simon.
“However, this is not a sale of the brand and we will see clearance sales at the closing stores. This market remains challenging, especially for out of town retailers, and the increasing importance of online sales caused an erosion of margins.”
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Related information:
Retailer Paul Simon in administration
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