Beleaguered bookseller The Works has been bought by private equity company Endless, as forecast by Retail Week (March 28).
The deal for The Works, which went into administration in January, will save about 2,200 jobs. A new team, led by chief executive Anthony Skitt and chairman Alan Smith, is understood to want to return the 226-store retailer to its core values. The deal is understood to be in the range of£17 million and£25 million.
Skitt is a former chief executive of ChoicesUK, the high street DVD rental chain that went into administration last year. The Works’ administrator, Kroll, said: “These stores are situated in excellent locations.”
No comments yet