Jobs cut as Powerstore shops are closed
Tuesday 14 May 1996
Most of the shops that will close are high street locations in the East Midlands and Yorkshire. The remaining 54 shops will remain trading while a buyer is sought. Administrators Arthur Andersen said they had received several expressions of interest from potential buyers though none had been for the whole group. It is likely that the remaining 23 superstores will be attractive, though a buyer for the smaller high street outlets may prove elusive.
Commenting on the closures, David Duggins, an administrators said: "We have undertaken a broad ranging review of the financial and trading prospects for the businesses and individual stores. There are a number of cases where an electrical outlet is clearly not viable in the face of competition from out-of-town stores. Furthermore, in the case of some superstores, there is already a substantial over-capacity in those locations." As a result, seven of the out-of-town stores are to close. Mr Duggins said he has written to over 700 customers who have paid or made deposits for goods which have not been delivered.
Powerstore was created in 1993 through the acquisition of a group of stores from London Electricity. Last year it bought 70 stores from East Midlands and Yorkshire Electricity. It collapsed at the end of April with debts of pounds 20m after a period of intense competition which saw many retailers withdraw from the market.
- 1 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
- 5 UK weather: Britain braced for snow as arctic air mass moves in
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Ian Brady: Moors murderer announces his support for Ukip and the SNP
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Bali Nine executions in Indonesia: Death row British grandmother Lindsay Sandiford says she 'just wants to get it over with'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...