Glam black street fashion
Watt Brothers flagship Glasgow store will close in mid-December, administrators have actually confirmed.
A total of 55 jobs are now at threat unless a purchaser can be discovered.
More than 250 individuals lost their tasks after the Scottish department shop chain entered into administration in October.
The Sauchiehall Street store was the only one of 11 to remain open after administration was revealed, however will close when its stock is cleared.
The fourth-generation family-owned service was integrated with a flagship store in Glasgow’s Sauchiehall Street in 1915.
It opened a further 10 leasehold shops across main Scotland.
They were in Irvine, Lanark, Falkirk, Port Glasgow, Hamilton, Livingston, Clydebank, Clarkston, Robroyston and Ayr.
They offered a large range of products including fashion, electrical, homeware, jewellery, presents and charm.
Glam black street fashion Stock clearance occasion
KPMG’s Blair Nimmo, who was selected joint-administrator in October, stated: “We’re continuing to explore a variety of alternatives and talk with interested celebrations in the hope that we can achieve the very best possible outcome for Watt Brothers. Throughout the administration process, remaining team member have actually worked tirelessly to make sure that as much stock as possible can be offered.”
The company’s turnover had increased year on year, peaking at approximately ₤24 m in 2018.
Nevertheless, in line with lots of sellers, the increased revenue did not equate into earnings and increased competitors from online and discount merchants led to a loss in 2018.
The family was unsuccessful in securing brand-new investment.
Staying staff members will help the administrators collect the business’s properties, consisting of stock and the freehold property.
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Glam black street fashion What happens next?
The Sauchiehall Street shop is entering “the last phases of clearance” and will close when say goodbye to stock remains.
Unless a purchaser can be found the store will close in mid-December, with the loss of the staying 55 jobs. In overall, 309 people will have been made redundant when the administration procedure is total.
Administrators stated that, in addition to speaking with possible buyers, they were dealing with Abilities Development Scotland and JobCentre Plus “to support the personnel who have actually been made redundant.”
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