Reprieve for town centre store
A TOWN centre store is likely to remain open despite fears about its future.National chain Whittard of Chelsea which has a store in Tavern Street, Ipswich was placed into administration yesterday.
A TOWN centre store has been given a reprieve today following fears about its future.
National chain Whittard of Chelsea which has a store in Tavern Street, Ipswich was placed into administration yesterday.
The 122-year-old company is the latest to be hit by the downturn in consumer spending following the recent collapse of retail icons Woolworths and MFI.
But the Whittard name will remain on the high street after administrator Ernst & Young sold the firm to private equity company EPIC in a rescue deal.
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Whittard has around 130 stores in the UK, employing around 950 staff.
But the administrator said both businesses would continue to operate as a going concern and remain open for trading as usual.
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Joint administrator Angela Swarbrick said the firms had been suffering trading difficulties due to the "uncertain economic conditions".
She said: "Fortunately a deal was able to be done that sees the businesses of the companies able to continue to trade and the Whittard of Chelsea name, with its 122-year heritage, remain on the high street.”