Bathstore on the brink of administration
Bathstore is near to insolvency and has lined up accountants BDO to handle its administration.
The group’s owner, American billionaire Warren Stephens, is unwilling to inject more cash ahead of this month’s rent day, the Guardian reports, having failed to find a buyer for the loss-making business.
Administration would lead to the loss of 700 jobs and the closure of 168 stores.
Bathstore’s latest accounts show a pre-tax loss of £22m on sales of £141m in the year to July 31, 2017. The company said that it had been hit by falling consumer confidence and increased sourcing costs following the 2016 Brexit vote.
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