Bathstore has collapsed into administration and all installations have stopped while the administrators try and find a buyer for the business.
With the current pressure on the High Street, Bathstore looks likely to become the next business to close.
It has been reported by Sky, that the privately-owned-chain of 163 UK stores, is near to appointing BDO as administrators – sources say a notice of intention is likely to be filed as early as next week.
If it does go into administration approximately 700 jobs would be at risk
If a rescue deal cannot be reached Bathstore would become the next high-street retailer to collapse. We have already seen many chains go bust in the last 18 months: Maplin, Toys R Us and Poundworld included.
Problems on the High Street has started a call for government help, though little assistance has progressed other than some funds being spent towards regenerating high streets.
Bathstore have faced difficulties before, especially with many ownership changes in the last decade. Last year, they looked into a merger with rival, Victoria Plum, but a deal never happened.
Both BDO and Bathstore declined to comment.
Hilco, which has already taken over struggling high street names like HMV and Homebase, is in the process of preparing for a take over of Bathstore, according to Sky News.
Installers worried about future work or payments from Bathstore have been told it’s ‘very much business as usual’.
The British Institute of Kitchen, Bedroom & Bathroom Installation (BiKBBI) has sent a communication to its members this morning about the developing news.
"We fully understand that these reports may cause concern to their staff, customers and installers (our members) and as such, we are committed to support those worried about the news,” the statement says.
“Having made contact with the senior team this morning, they assure me that it’s ‘very much business as usual’.”
Categories: What is administration