BURY’S Bathstore has been left at risk after the company fell into administration after “months of difficult trading”.
The town’s Bathstore, in Angouleme Way, is one of 135 stores across the UK.
The retail chain collapsed into administration, leaving hundreds of jobs at their outlets at risk.
It is not yet known how many staff members will be affected as administrators seek a rescue buyer. The future of 531 Bathstore workers across the retail stores and head office has now been thrown into doubt.
Despite stores being shuttered with notices of administration pinned to the doors, the business will keep on trading to complete customer orders.
Outstanding customer orders will be fulfilled subject to available stock. But all installation services have ceased immediately.
The collapse comes after a failed sales process for the business, owned by American billionaire Warren Stephens since he backed a management buyout in 2014.
Business advisory firm BDO is the administrator for Bathstore and a new buyer is being sought.
Ryan Grant, business restructuring partner at BDO, said: “Despite significant investment into the business over the past five years, Bathstore has struggled to overcome the well-documented challenges facing the UK retail sector.
“The appointment was made after several months of difficult trading, and the failure of ongoing talks to find a buyer for the business. Bathstore is continuing to trade in administration, whilst the administrators seek a buyer.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here