Administrators to close 17 Paul Simon stores
All of the stores earmarked for closure are loss-making and have begun holding sales with “large discounts” offered on all goods.
A total of 28 staff members have been made redundant from the company’s head office, warehouse and factory. Redundancies among the 137 staff working at the stores affected by closure will be announced in the next three weeks.
Deloitte's Lee Manning, who is joint administrator, said: “As part of the review of Paul Simon’s financial position, we have analysed the store portfolio and identified 17 loss-making stores for closure. This step has been taken to enhance the prospect of securing a sale of all or part of the remaining business as a going concern.
“We have received strong support from staff at Paul Simon and the joint administrators are very grateful for their continuing commitment during this difficult period.”
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