Past Times has collapsed into administration after appointing KPMG this afternoon.

All stores are to launch Closing Down Sales, but the business will continue to trade as a going concern, said KPMG. 67 redundancies were made upon appointment of KPMG today.

KPMG said: “The loss making high street business is a casualty of difficult trading conditions for the retail sector, which has seen discretionary spend fall as consumer confidence declined during the last year.”

The retailer had filed an intention to appoint an administrator, and last week extended the process to give it another 10 days breathing space.

At the time it also closed 46 stores resulting in 507 redundancies, as revealed by Retail-Week.com. 72 “pop up” temporary stores were also closed.

KPMG said the remaining business, comprising 51 stores and 500 employees, is continuing to trade under the control of the administrators “in the short term”.

However KPMG cautioned: “There will be an orderly wind down in the event a going concern sale cannot be concluded.”

Topics