TJ Hughes stock sell-off announced by administrator
- 7 July 2011
- From the section Liverpool
Administrators at department store chain TJ Hughes have appointed independent consultants to sell off stock at its 57 stores.
GA Europe, part of the Great American Group, is ensuring sales continue while Ernst & Young tries to find a buyer for the Merseyside-based firm.
The administrator said it had been in discussions with about 30 potential buyers for the 4,000-employee business.
It said that promotional sales would begin immediately.
Joint administrator Tom Jack said: "We are encouraged by the strong level of interest in the business.
"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."
The chain went into administration on 30 June after it suffered from a loss in "credit insurer confidence".
The homewares, menswear and beauty retailer was founded in Liverpool in 1912 by Thomas Hughes.