TJ Hughes administrators appoint consultants

The joint administrators of Liverpool-based department store group, Tom Jack and Simon Allport from Ernst & Young, have announced the appointment of retail consultants GA Europe.

GA Europe is a subsidiary of Great American Group and is advising on and assisting with the sale of stock in TJ Hughes stores.

Private equity firm Endless bought TJ Hughes in March for a nominal amount in a bid to rescue the business after the company lost £10m in 2010. GA Europe has now acquired Endless's debt in TJ Hughes.

In parallel with this, the joint administrators said they will continue to actively seek a sale of the company's business and assets as a going concern.

Jack said: "We are already in discussions with over 30 interested parties and we are encouraged by the strong level of interest in the business and its portfolio of 57 stores.

"However, there are significant stock levels and we therefore must ensure we are also pursuing a strategy to trade this stock through the business, in case we cannot find buyers for all of the company's stores and employees. Promotional activity will therefore commence immediately in all TJ Hughes stores."

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Come on someone please save this great store! Surely Tom Morris can turn it around???

By Secret Squirrel