Footwear retailer, Treds, fell into administration on 29th January 2019. PwC's Ross Connock and Zelf Hussain were appointed as joint administrators.
The multi-brand retailer operate 21 stores across the UK, as well as having an online store. 165 jobs have been left at risk.
Connock has been reported to have said: ''The business has faced similar challenges to those seen across the retail sector, including changing consumer behaviour and economic uncertainty. This has resulted in reduced revenues across the store portfolio. Despite the best efforts of management, there was unfortunately no alternative but to place the partnership into administration.''
Business remains trading as normal for the following few days, as any interest in the business is explored and any strategies are assessed.
The 22 year old company, began in the seaside town of Weymouth, before expanding to other popular UK towns including Bournemouth and Poole. They sell a range of branded footwear for all sexs and ages, including Nike, Uggs, Timberlands and Crocs to name but a few. A selection of apparel and accessories are offered in addition.
The company looked at alternative rescue plans but it is most likely that the secured creditors such as their bank would have called in administrators to try and protect their position.
See this page as to who gets paid first when a company goes into administration.