Collectables enters administration
The 27 year old family-owned business has eleven gift stores across the North East, Yorkshire and Cumbria, and also operates as a furniture retailer from three units at Collectables Retail Park in Stockton.
KPMG joint administrator, Jonny Marston, said: “Sustained difficult trading conditions have resulted in the business facing cash pressures with a further increased demand for working capital in preparation for the Christmas trading period.
“We are now assessing the company’s financial position and the options available, whilst marketing the business and assets for sale.”
Although the administrators have closed the stores while they conduct their initial analysis of the company, there have been no immediate redundancies amongst the firm’s 200 employees. However, the situation is uncertain and the administrators will provide a further update in the coming days once a trading strategy has been determined.
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