Seven Paul Simon stores sold to Lewis's Home Retail
The stores are situated in Colindale, Chelmsford, Edmonton, Harlow, Hayes, Lakeside and New Malden. The sale will save 73 jobs.
However, the administrators have also announced the closure of a further eight stores in Reading, Worthing, Gillingham, Ashford, Enfield, Beckton, Slough and Bristol with the loss of 59 jobs. Five other stores were closed in April.
Lee Manning, Deloitte partner, said: “We are pleased to have some good news during the administration of Paul Simon. However, this is not a sale of the brand and we will see further clearance sales at the closing stores. This market remains challenging, especially for out of town retailers, and the increasing importance of online sales caused an erosion of margins.”
The administrators will continue to trade the remaining 30 stores while seeking a buyer for all or parts of the business as a going concern. There were originally 50 leasehold retail stores.
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