Past Times goes into administration
Monday 16 January 2012
Gift retailer Past Times fell into administration today and confirmed 507 staff were made redundant before the move.
The private equity-owned group, which last week shut 46 stores and 72 temporary stores, said KPMG had been appointed as administrator to the loss-making business following weak trade.
An additional 67 redundancies were made on appointment, comprising 30 from the Past Times head office in Witney, Oxfordshire, and 37 from its warehouse, leaving a central workforce of 31.
The remaining business, comprising 51 stores and 500 employees is continuing to trade under the control of the administrators in the short term with an "orderly wind down" planned in the event a sale cannot be sealed.
Past Times made the announcement as clothing retailer Peacocks revealed it planned to appoint administrators to the business, raising doubt over the future of 11,000 positions.
Past Times is understood to have suffered over Christmas despite heavy discounting and its range of Downton Abbey-themed memorabilia.
The group sells a wide range of toys and gifts, including teddy bears, mugs, jigsaws and puzzles and stationery.
The group is owned by private equity firm Epic, which itself bought the chain out of administration in 2005.
Past Times is the latest in a long line of retailers to collapse into administration.
Outdoor retailer Blacks Leisure and lingerie chain La Senza were recently bought in a pre-pack administration deal, while Peacocks and Bonmarche will both appoint administrators in the next 10 days.
- 1 Crystal meth addict 'gouged out his eyes and ate them' while high on drug, Australian MP claims
- 2 As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
- 3 The ten most unequal developed countries in the world
- 4 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 5 Toddler throws a tantrum at the White House – in front of Barack Obama
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
The day that Britain resigned as a global power
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...