440 TJ Hughes jobs saved in deal
Monday 01 August 2011
Some 442 jobs were saved today after administrators of department store chain TJ Hughes announced an agreement to sell four stores to a housewares company.
Lewis's Home Retail, a company associated with Speke-based homewares group Benross, has acquired TJ Hughes' flagship store in Liverpool, together with stores in Eastbourne, Glasgow and Sheffield.
The completion of the sales will see all employees in these stores transfer to Lewis's Home Retail, administrators Ernst & Young said.
Liverpool-based TJ Hughes called in the administrators in June - putting 4,000 jobs at risk - after a difficult period of trading, as nervous consumers put off purchases of big-ticket items such as fridges and TVs.
Ernst & Young said it continued to seek a sale of the company's remaining business and assets, which includes 53 remaining stores.
TJ Hughes is one of a number of retailers to suffer at the hands of a consumer spending squeeze in the UK.
Habitat and fashion chain Jane Norman recently went into administration, while the likes of HMV and JJB Sports are shutting down stores across the UK.
Benross, also Liverpool based, supplies housewares, electrical, lighting, toys and leisure products to retailers across the UK. Lewis's is its retail arm.
Joint Administrator Tom Jack said: "We are delighted to have exchanged contracts on this deal, which saves 442 jobs and continues the TJ Hughes legacy in Liverpool, as well as in other locations across the UK."
TJ Hughes was previously owned by private equity group Silverfleet, which bought the company for around £70 million in 2003.
The retailer was founded in Liverpool in 1912 by Thomas Hughes. Its stores are still mainly located in the North of England.
It offers products across homewares, soft furnishings, beauty and fragrance, menswear, lingerie, toys and electrical items.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...