companies gone into liquidation 2020Uncategorized
The historic Birmingham retailer founded more than a century ago was placed into administration in June. As a result, we expect to see the retail vacancy rate continue to rise.". The move is reportedly part of a restructure to get rid off loss-making stores and reduce the company's rent bill. Bankruptcy also proved fatal for more retailers in 2019, as, This year, retailers are facing even tougher challenges, as the coronavirus outbreak caused most U.S. retail to temporarily shutter, keeping customers away, and forcing retailers to negotiate with landlords and suppliers to tackle unforeseen inventory and liquidity issues. We monitor all UK insolvency activity and provide daily updates on the latest companies in liquidation. The fashion retailer went into administration in mid-March but US-based restructuring company Gordon Brothers bought the chain out of administration in April. The deal will transfer around 450 jobs to Adena Brands, owned by Mr Simon, which has promised to inject £15million into the business to allow the remaining stores to stay open. The business employed around 199 members of staff, the majority of whom were placed on furlough before the administrators were appointed. All concessions and stores were closed temporarily in line with government guidance - and there are reportedly no plans to re-open them, according to Drapers. The pandemic has ushered in a wave of bankruptcies as retailers struggle to pay rent, vendors and other expenses. Lee Longlands was founded in Birmingham in 1902 by Robert Lee and George Longland and they opened their first store at 304 Broad Street, taking advantage of its location next to the canal to bring in timber. The company, which has 105 stores and 1,575 staff, is reportedly looking to close 20 stores and 240 jobs were made immediately redundant. Public Notices. Zelf Hussain, Peter Dickens and Yulia Marshall of PwC were appointed as joint administrators. We have the UK’s most comprehensive online database for distressed business. Damian Webb, joint administrator of RSM Restructuring Advisory, said: "Bonmarche remains an attractive brand with a loyal customer base. In a statement to Kent Online, the owners said: "Unfortunately, prolonged and continued M20 Junction 10a roadworks have caused a devastating downturn in trade in the last three years, combined with increased rent and business rates. The EWM Group, which also owns the Peacocks and Jaeger brands, filed a notice of intention to appoint administrators in October. All the retailer’s high street stores are currently closed due to lockdown and 1,669 staff have been furloughed on the government’s job retention scheme. Corporate recovery specialist Leonard Curtis was later appointed as the administrator after Soak.com failed to find a buyer. In August, the chain confirmed it wold be closing 47 stores and axing 381 jobs as part of a major restructure to secure the company’s long-term future. The company continues to trade and existing orders will be carried out, CRR said. The Gloucester-based glasses company went into administration in July, but Bath-based designer eyewear firm Inspecs bought up the manufacturing arm of the business from administrators BDO for £2.4million. The department store chain collapsed into administration in January after failing to find a last-minute buyer to rescue the 139-year-old business. Debenhams, the oldest retail chain in the UK, announced on 1 December 2020 that it had no alternative except to go into lquidation. According to a report by The Telegraph, accountancy firm BDO was attempting to find a buyer after the firms’ turnover reportedly dropped from £70million in 2018 to £43million. 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All of the retailer’s 145 staff have been furloughed while the administrators seek a buyer to try and "secure jobs and get the best deal for creditors". "The Torque team has worked to assess all available avenues for the business model going forwards, but having done so, has formed the view that TM Lewin is no longer a viable going concern in its current format," it said. Five UK stores have been permanently closed, according to the CRR, leaving eight surviving while the administrators seek new owners for the UK business. KPMG was appointed as administrator and the business is expected to be liquidated, according to the CRR. Read Bulq’s Customer reviews. The retailer appointed Deloitte as administrators after the pandemic “severely impacted” sales, it said. It s not yet clear how many jobs could be affected. However, JD Sports said it will push forward with a major restructuring of Go Outdoors, which employs 2,400 staff, and intends to "retain the majority" of its retail stores. "The uncertain climate has also meant that even those looking to expand are holding off making investments in new stores. GRAYSON ENGINEERING LIMITED (in liquidation) 2020-al5666 Preview. not far behind with its own, more uncertain, filing. The first thing you should know is that there are in fact two ways a company can go into liquidation – voluntarily, through a procedure known as a Creditors’ Voluntary Liquidation (CVL), or involuntarily, ... 4th December 2020. The retailer had three standalone stores in Newcastle-under-Lyme in Staffordshire, Bideford in Devon, and Tillicoultry in Scotland, as well as more than 100 concessions across the UK. The book wholesaler, which was founded in a chicken shed in 1968, went into administration last week. Turnaround company Alteri, Benson's existing owner, bought the business out immediately and put £25million into the company to invest in its development, according to the CRR. LHR Holding owns 18 TJ Hughes-branded department stores nationally, as well as tjhughes.co.uk, and they were not affected. A liquidator is generally appointed on the grounds that the company is insolvent and there is no better way for creditors to maximise their return than from liquidating the assets. The company behind Oasis and Warehouse went into administration in April. It should be noted that a company “failing” or closing down is not the same thing as one going … DW Sports operated 73 gyms and 75 retail sites across the UK. Companies Act. The retailer employed around 1,000 people. According to the CRR, most of its 450-strong workforce were made redundant. The online business is performing very well.". The liquidation of the 240-year-old business came just a day after Philip Green’s Arcadia group, the owner of brands including Topshop, Miss Selfridge and Wallis, collapsed into administration. He told the BBC the collapse was "very sad for the staff, the city of Norwich and the customers". Bonmarche store front at Hounslow High Street in west London, Inspecs owns the factory where John Lennon's famous round glasses were made, Oak Furnitureland at Leeds Road Retail Park, General view of a BrightHouse store in Marlowes, Hemel Hempstead, the latest restrictions could be "ruinous", Sign up to our newsletter: Get more business news, views and analysis straight to your inbox, Everything you need to know about Sir Philip Green, the man behind Arcadia Group, Bonmarché fell into administration on Wednesday, after a two-week deadline to find a buyer passed, Competition watchdog says tribunal ‘misapplied the law’ in quashing decision to block JD Sports’ acquisition of Footasylum, Devon town launches gift card to encourage Christmas shoppers to keep it local as lockdown ends, would wind down its retail business for good, but Bath-based designer eyewear firm Inspecs bought up the manufacturing arm of the business, close all of its UK stores and around 600 workers will lose their jobs, which employs 2,400 staff, and intends to "retain the majority" of its retail stores, reassured customers it was business as usual and that orders would be fulfilled, showrooms and warehouses began to reopen last week, chain out of administration almost immediately, Mike Ashley's Frasers Group mulls Mulberry takeover bid, James Caan: Dragons' Den star talks business and job hunting during the Covid-19 pandemic, formally entered administration at the start of April, Pandemic drives big rise in contactless transactions, British Chambers of Commerce says Government leaving firms relying on “speculation and rumour” for survival, confirmed all remaining outlets would cease trading, List of shops that have collapsed into administration in 2020 as UK lockdown hits high street, Debenhams closing down: All 124 UK stores set to close as department store chain goes into liquidation, The chain's closure will leave holes in shopping centres and high streets across the UK, The Hut Group: All you need to know about the Manchester-based e-commerce giant, The group began trading on the London Stock Exchange last week, Cheese 'obsessed' shop owner has opened her second North Wales store, Gemma Williams has brought The Little Cheesemonger to Prestatyn after the huge success of Rhuddlan shop, Greggs to close all its shops to help social distancing efforts as battle to beat coronavirus goes on. 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