Tue, 28 Jun 2011 | ADMINISTRATION
Department store chain TJ Hughes filed its intention to appoint an administrator yesterday amidst extremely tough high street trading conditions.
Private equity group Endless bought the beleaguered retailer just three months ago, but it has come to light that fresh funds of about £30 million are needed to keep the business going until the busier trading season in the autumn.
TJ Hughes lost £10 million in the year ending 31 January, and when Endless bought it in March for a ‘nominal amount’, it injected £9 million into the business to ease the cash flow. Endless now looks reluctant to stump up an additional tranche required to keep the retailer afloat.
Based in Liverpool and established in 1912, TJ Hughes runs 57 department stores across the UK and employs about 4,000 staff. It sells branded items that encompass electricals, homewares, fashion and toys at discounted prices. Its website is currently down for maintenance.
Its homeware sales have taken a dive in recent weeks as consumers continue to avoid paying out for expensive non-essential items, including TVs. The stagnant housing market is keeping shoppers away as they spend less on investing in their homes, while January’s VAT increase to 20 per cent has also had an adverse affect on shopping activity.
Since Endless took the reins at TJ Hughes, like-for-like sales have been down by 19 per cent. The retailer has also been struggling with low stock levels, as suppliers remain cautious.
The company designs and delivers electronic portfolios for organisations that capture and assess evidence for personal, professional, and organisation recognition, internationally. The company creates leading digital solutions that mirror and enhance...
A distributor of oils and ancillary cleaning products to a wide client base, and is not dependent on any one client or market sector. These Items are an essential component to ensure smooth operation of equipment and reduce wear & tear and reduce ope...
The company is an equestrian business comprising a popular retail store, accredited livery and riding facilities and a competitive events operation, operating from an attractive rural location in the East Midlands.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.