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Tuesday, 8 April 2014

Paul Simon administration: 17 stores to close

The home furnishings retailer which went into administration last week will have to close 17 stores, say administrators from Deloitte.

The company which specialises in carpets, curtains and furniture and has 51 stores, mainly in the South and South East, called in administrators last week after the impact of the recent floods led to decline in sales and cashflow problems. Together with this and already difficult economic conditions, the retailer felt administration was the best way to safe-guard the business while restructuring plans were prepared.

Lee Manning and Nick Edwards were appointed joint administrators on the 2nd April and have since come to the decision to close 17 loss-making stores in the next three weeks to encourage a sale for all or parts of the business as a going concern.

The following stores will be closing:
  • Aylesbury
  • Banbury
  • Bedford
  • Bournemouth
  • Daventry
  • Dunstable
  • Gillingham
  • Great Yarmouth
  • Luton
  • Margate
  • Portsmouth
  • Reading
  • Sittingbourne,
  • Strood
  • Wimbledon
  • Worcester
  • Worthing
If you are an employee of the retailer and you're concerned about the future, please have a look at our video on employee rights in insolvency. Contact Deloitte who are handling the administration if you have any specific questions

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