Administrators shut 50 Fosters shops
Saturday 11 April 1998
Further closures among the chain's 175 outlets cannot be ruled out as the administrators, BDO Stoy Hayward, continue with their three-month review. Fosters currently has 1,700 staff.
Directors called in the administrators after the company's bankers said they could no longer provide adequate financial report. Fosters' stores have been hit by sales of branded sportswear which has affected sales of its own denim and casualwear ranges. A disappointing Christmas and a deteriorating market led the group's bankers to call for a review of operations. The directors then applied for an administration order.
Fosters was founded in 1876 and was part of the Sears retail empire until 1992. It was then the subject of a management buy-out led by David Carter- Johnson. But with a weak brand and an increasingly competitive market it has found the going tough. It now has significant debts and recorded a loss of pounds 2.1m last year on sales of pounds 95m.
BDO Stoy Hayward is concentrating on stabilising the company's finances before any decision is made on a possible sale. BDO's David Gilbert said the plans was to turn Fosters into a leaner and profitable company "providing a platform for future growth".
- 1 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 3 School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
- 5 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Amber Peat: Body found in search for missing 13-year-old who left house after argument with her parents
School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
Alton Towers closed after horror crash on The Smiler raises safety questions for theme park
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...