JTF Mega Discount Warehouse collapses into administration after potential buyer pulls out of acquisition deal at the last moment.
JTF is a retail discount chain with 12 outlets across the Midlands and North of England. Customers have to join as members. It sells a variety of discounted goods such as toys, health and beauty products and home and garden furniture.
Current chairman, Arthur Harris acquired the company and saved it from administration, in January last year. The move was successful and overhead cuts had significantly reduced.
Covid-19 had disrupted any forward growth plans for the business. Sales drastically reduced.
Despite the withdrawal of the unnamed potential buyer, the chain will continue to seek another.
In the meantime, its 500 staff have been made redundant, after being on furlough when stores closed during lockdown.
See more from Business Sale Report here.