TJ Hughes owner buys seven Paul Simon stores from administration

No comments

TJ Hughes owner Lewis Home Retail has acquired seven Paul Simon stores out of administration.

It is understood Lewis Home Retail will rebrand at least some stores to TJ Hughes. The deal has saved 73 jobs.

However, administrator Deloitte confirmed that eight other shops would be closed with the loss of 59 jobs, following five closures in April.

Deloitte is continuing to market Paul Simon as a going concern, and is seeking buyers to pick up either the brand or the remaining 30 stores in the chain.

“We are pleased to have some good news during the administration of Paul Simon,” said Deloitte partner Lee Manning. “However, this is not a sale of the brand and we will see 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.”

Paul Simon, which was trading out of 51 stores before its collapse, filed for administration at the beginning of April after flooding at the start of the year severely hit sales at the business.