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Friday, 19 August 2011

TJ Hughes Administration uncovers £350million unsecured debts

Whilst the administrator has closed down many of the stores with closing down sales this weekend across the NW for example, the shocking scale of the debts has been revealed.

Including landlords claims and secured debts, this company had debts of more than £430m  of which £350m is unsecured.

With last accounts showing sales of circa £230m this is a huge debt mountain. Likely recovery for unsecured creditors is nil to a few pence in each £1.

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