Here goes another!! - TJ Hughes in Administration - Sale to follow? [UPDATED]

thatguy1

Another store bites the dust! Bad few weeks for British retailing or what! Although some stores WILL be saved apparently.

UPDATE THURSDAY 30TH;
TJ Hughes Went into administration this morning!

Discount store TJ Hughes now in the hands of administrators
A number of potential buyers are thought to be circling the 99-year old Liverpool-based company
http://www.guardian.co.uk/business/2011/jun/30/tj-hughes-administration

---

http://www.guardian.co.uk/business/2011/jun/27/retail-job-losses-consumer-spending

TJ Hughes, which traces its roots back to 1912, specialises in fashion, homewares and cosmetics, offering well-known brands at discount prices. It was acquired by the private equity group Endless three months ago, but has struggled since credit insurers withdrew cover that protects suppliers in the event of collapse. It is understood TJ Hughes needed a £30m cash injection to see it through to the autumn and Endless could not provide the cash.

The accountants Ernst & Young are understood to be ready to take control.

Last night there was speculation that the store chain may be involved in a "pre-pack" administration, which would allow Endless to acquire the most profitable stores from the administrators in a pre-arranged deal and shed its loss-making stores and debts.

flossyq

Not a good week, now T J Hughes have gone into administration as well :eek: I've only brought a few things from them but they were always good for a bargain. Shame they're going

azza87

I always used to shop at TJ's but as the company became more and more popular for bargains they started to increase their prices, which made me go elsewhere for my bargains.

I think this was their downfall, greed. Increasing their prices which in turn decreases their sales and eventually decreases their profits leaving them in the debt they are now in.

I've already noticed the prices going up in Netto stores since Asda bought them out but with Asda being a loss-leader I doubt the same thing would happen to them.

lazer

I see the website is currently down for "essentail maintenance"

I have to sya I quite liked TJ hughes, very good for picking up bargain quality presents

celebrate

NOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!

My mum will be devastated:eek::(:mad:

i don't go in there much seems to be more for oldies (sorry not ageist or anything and i am nearly 40:rotfl:)

Pocoyo

Gutted! As will be the staff. A lot of the staff at out local store have been there a long time.

shellsuit

Blimey, I've been going in TJ's since I was a little nipper with my parents and Grandparents!

NKLK

Christ this is getting bad

Issyc

I agree, it is getting bad.

she73

shellsuit wrote: »

Blimey, I've been going in TJ's since I was a little nipper with my parents and Grandparents!

Me too another blow to liverpool like ethel austins

Krystaltips

TJ's took over our local Woolies store when they closed... Must be cursed...