Collectables gift chain folds with the loss of 150 jobs

Stores at a gift chain which has gone into administration are to close permanently with the loss of 150 jobs.

Collectables traded from 11 leasehold stores across the North East, Yorkshire and Cumbria, and as a furniture retailer from three shops in Stockton.

Administrator KPMG said a skeleton staff would be retained to manage an orderly wind down while a buyer for the assets was sought.

The 27-year-old family firm had been hit by the economic downturn.

KPMG said in a statement: "After analysing the trading position of Collectables, the joint administrators have concluded it is not possible to continue trading the company's 14 stores.

"Therefore they will not be re-opening during the course of the administration of the business."

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