Rosebys closes 31 more stores, including Liverpool

Oct 10 2008

Administrators for home furnishing chain Rosebys today announced the closure of another 31 stores with the loss of 186 jobs.

A further 87 jobs have been axed from a distribution centre in Selby, North Yorkshire, which has also been closed.

Howard Smith, joint administrator of Rosebys, said the redundancies were made with “regret” but added that talks continued over the rest of the business.

He said: “We anticipate further store closures next week, while we continue to have a dialogue with a number of parties who are interested in either the whole or parts of the business.”

Rosebys, which went into administration last month, had 280 stores country-wide and generated sales of around £100 million a year.

But it was hit by the downturn in consumer spending and lost £6 million in the year to March 31. The firm failed to claw back lost profits, and owes trade creditors around £11.7 million and inter-company creditors £19 million.

The business started life as a Grimsby market stall in 1922. It continued to grow through acquisitions before joining the London stock market in 1992.

In 2006 it was acquired by India-based textiles firm GHCL.

The 31 stores closed this week are in Dagenham, Ilford, Hammersmith, Walsall, Stevenage, Walthamstow, Maidstone, Burton, Liverpool, Hartlepool, Hounslow, Barnsley, Lewisham, Chelmsford, Sutton, Peterborough, Woking, Edinburgh, Nottingham Victoria Centre, Lowestoft, Thurrock, Worthing, Hull, Maidenhead, York, Camberley, Stirling, Hemel Hempstead, Dundee, Wolverhampton and Leeds White Rose Centre.

Last week administrators closed 10 Rosebys shops in Dunstable, Basildon, Swindon, Brighton, Wood Green, Sutton Coldfield, Oldham, Leicester and two in Glasgow with the loss of 60 jobs.

Another 32 jobs were axed from the company’s head offices in Rotherham, South Yorkshire, last Tuesday.