Past Times enters administration
Struggling retro gifts retailer Past Times has gone into administration. Although the company is continuing to trade as a going concern in the short term, administrators KPMG said it would be wound down if a buyer could not be found.
The loss making high street business was due to appoint administrators last week, but was granted a ten day extension to give it additional time to conclude a deal with a potential rescuer.
Prior to the appointment of administrators, the company closed 46 stores and made 507 staff redundant, as well as completing the planned closures of 72 “pop up” temporary stores.
While the remaining 51 stores continue to trade, administrators said 67 of the 500 staff were being made redundant including 30 from head office and 37 from the warehouse, leaving a central workforce of 31.
The administrators said the remaining stores would enter closing down mode on a nationwide basis selling “significantly discounted” stock.
