The Rosebys brand name has been sold to Rosebys UK, a subsidiary of Indian-based parent company GHCL, after the retailer went into administration last week.
The company is continuing to trade under licence while a buyer is sought for the whole or parts of the business, according to administrator KPMG LLP Restructuring.
Any purchaser will be in a position to continue to licence the brand on terms agreed with the administrators.
Following the brand sale, the names of the companies affected are to be changed. Rosebys Operations will become Textile & Design; Rosebys Holdings will change to Textile & Design (No.1); Rosebys (2004) will be known as Textile & Design (No.2); and Rosebys will change to Textile & Design (No.3).
The group has an annual turnover of£100 million and employs approximately 2,000 staff across its 280 stores, a head office in Rotherham, South Yorkshire, and a distribution centre in Selby, North Yorkshire.
Howard Smith, Richard Fleming and Mark Firmin of KPMG were appointed administrators.
Smith said: "The business is continuing to trade as normal while we review the financial position and seek a going-concern sale. No employees have been made redundant to date.
“In common with many retailers, the group has experienced difficult trading conditions, leading to continuing losses. Rosebys has recently sought to refinance, but this did not prove possible in the current economic climate. We are looking for offers for the whole or any part of the business."
No comments yet