The future of another High Street retailer in Sleaford looks in doubt after todays’s (Thursday’s) announcement that the parent company of the Bargain Booze store chain could go into administration.
Conviviality, the company which owns Bargain Booze, announced today that it planned to file for administration within 10 business days.
Around 2,500 jobs are now at risk, including those at the Sleaford store, and the future of the company’s 700 shops, which include Wine Rack outlets, are in doubt.
Conviviality has said in a statement: “Unless circumstances change, and in accordance with statutory requirements, the board intend to appoint administrators within 10 business days.
“The secured creditors can, however, appoint administrators without the requirement for notice.
“The directors intend to allow the business to continue to trade and the company continues to work alongside advisers in order to preserve as much value as possible for all stakeholders as it explores a number of inbound enquiries regarding a potential sale of all or parts of the business.”
This would come as another blow to the town’s retail sector after the closure of the Thornton’s Outlet branch in October, with PC Hut soon afterwards. Meanwhile bakery chain Cooplands was given planning permission to move into the former William Hill betting shop premises at 25 Southgate, but as yet there has been no sign of conversion work starting.
The company’s collapse would cap a nightmare quarter for the retail sector.
Since January, Toys R Us and Maplin have filed for administration, while fashion retailers such as New Look and Select have embarked on radical store closure programmes.
Piling on the misery has been the under-pressure casual dining sector, with Prezzo, Byron and Jamie’s Italian all shutting restaurants and culling hundreds of jobs.