Tuesday 28 June 2011




Recent weeks have seen a string of high street names announce they are in difficulties thanks to a combination of high rents and sluggish sales.
TJ Hughes, which was bought by private equity firm Endless in March, announced on Monday it was looking to appoint an administrator.
Founded in Liverpool in 1912, the firm has 57 stores across the UK, employing a total of 4,000 staff.
In the year to January 31, the retailer lost more than £10m and was on the brink of collapse when Endless acquired it for a "nominal amount" in March.
Speaking to Sky News, Endless managing partner Gary Wilson said the firm was struggling after a 19% like-for-like drop in sales for the last three months, and supplier nervousness after the firm's credit insurance was withdrawn.

Chocolate maker Thorntons is to close at least 120 of its UK stores
He said the firm's rents and staff wages were paid up until this week, "but the future remains uncetain".
Carpetright has announced that pre-tax profits dropped 70% to £6.6m in the year to April 30, and hinted stores would close.
"With leases on 94 stores in our estate due to expire in the next five years, we have ample opportunity to reshape the portfolio, reduce the size of store footprints and lower our ongoing rent roll," the company said.
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The confectioner said it will exit at least 120 outlets over the next three years as their leases expire, while it will also consider the future of an additional 60 shops over the same period.
The plan will leave Thorntons with around 180 to 200 company-owned stores, although in the majority of locations it hopes franchisees will open outlets.
It comes a day after women's fashion retailer Jane Norman announced it was going into administration, closing 90 stores and putting 1,600 jobs at risk.

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