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Tuesday, 28 June 2011

TJ Hughes to go into administration (update)

Update 30/06/2011;
Liverpool-based department store group TJ Hughes has appointed Tom Jack and Simon Allport at Ernst & Young as joint administrators.

Previously we said;

TJ Hughes, the department store, is the latest retailer to seek protection from its creditors by filing an intention to appoint administrators within the next 10 days.  We do not know who the administrators are at this stage but it is understood it could be Ernst and Young.

The department store is based in Liverpool, has 57 stores and employs 4000 people.  Earlier in the year it was reported that credit insurance was refused to its suppliers and so the firm was bought out by management from its private equity owner Endless.

This is another sorry tale of a retailer failing.  However, it does appear that consumers really are now cutting back spending quite hard as opposed to just talking about it.   The government needs to think of a way to stimulate growth in the economy as another way of reducing the deficit.  Consumer spending, investment, and confidence are all part of the mix!

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