Paul Simon home furnishings chain goes into administration
With its headquarters in Barking, Paul Simon operates 51 stores which are mainly in out-of-town retail parks across the south and south east of England.
Deloitte has been appointed administrator and will continue to trade the company while seeking a buyer for all or parts of the business.
Lee Manning, partner at Deloitte, said: “We are working closely with key stakeholders, customers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors.
“Like many other retailers, Paul Simon has been hit hard by the uncertain economic environment. In addition, its core business has been undermined by the increasing importance of online sales causing an erosion of margins.”
Manning added that the retailer’s difficulties had been compounded by the impact of the recent flooding across the UK which prevented many of its customers from reaching the stores.
He added: “These issues made an element of the store portfolio unprofitable and led to a projected imminent cashflow deficiency resulting in the administration appointment.”
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