High street butcher chain, Crawshaw, calls in administrators after failing to raise emergency funds to stay afloat.
Crawshaw operate across the Midlands and North of England. 42 stores, 12 factory outlets and 662 jobs are at threat.
Bosses of the Rotherham based chain hope that the administration will result in buyers stepping forward, to help rescue.
Only last week was it that the company announced the board were considering numerous remedial actions to address key issues which were identified with the company. Discussions have occurred with existing investors and potential investors, to try and raise additional funding to address the issues - but unfortunately, these have not succeeded and sufficient capital has failed to be raised.
"The company does not have sufficient cash resources to effect the required restructuring of the business.”
Following this news, their listing on the London Stock Exchange was removed.
Crawshaw are not the first to be suffering due to the high business rates, increased competition and consumer uncertainty. Mothercare, House of Fraser, Toys R Us , and most recently, Evans Cycles, are to name a few of the other retailers hit this year alone.
Will a buyer step up? Will Crawshaw be rescued?
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