It was just six months ago that insolvency proceedings were underway for the stationary chain, Office Outlet. They took out a Company Voluntary Arrangement, with plans to close 4 of their 96 stores and have a 3 year rent free period from some of their store landlords.
It has now been confirmed that the business has gone into administration. 1,200 jobs are at risk.
Now, Richard Michael Hawes and Daniel Francis Butters at Deloitte have been appointed Joint Administrators of SUK Retail Limited- trading as Office Outlet and SUK Oldco Limited (“the Companies”). There is no connection here with the online business, trading under the Staples UK name.
It is understood that the business will continue to trade while a buyer is found. The 90 UK stores will remain - at present.
The administrators said the falling demand of stationary supplies, joined with the credit term cuts by suppliers, are the cause of the companies collapse.
There is hope a buyer can be found...but will competition from discounters B&M and the range, provide constraints? Watch this space!