Toy Retailer, Hawkins Bazaar enters administration with the future of its 20 stores and 177 employees remaining uncertain.
Tom Straw and Simon Thomas, partners of Moorfields Advisory were appointed joint administrators yesterday.
Until further notice it will be business as normal, with stock being subject to clearance discounts and special promotions. Gift cards and exchanges will be honoured on a limited basis while stores continue to trade. However, from today no more gift cards will be sold and cash refunds are not to be issued as well as website sales being suspended.
‘’Hawkin’s Bazaar is a retail brand with a strong heritage both on the high street and online. Unfortunately, despite making changes to their offering to appeal to the shift in modern buying patterns, the retailer still struggled to compete with online retailers such as Amazon, etc.’’
The UK toy shop chain had a challenging Christmas period. This is not the first time it has struggled. It was put up for sale in August 2019 after reporting a hefty loss in its sales.
Hawkins Bazaar went into administration back in 2012 but survived after a management buyout and a much slimmed down portfolio of stroes from its previous tally of 65.
What went wrong?