United Kingdom

Details

  • Service: Advisory, Transactions & Restructuring
  • Industry: Retail and Consumer Goods
  • Type: Press release
  • Date: 16/01/2012

Past Times Enters Administration 

 

Howard Smith, Mark Firmin and Joff Pope of KPMG’s Restructuring practice were appointed joint administrators to gift retailer Past Times on 16 January 2012.

 

The loss making high street business is a casualty of difficult trading conditions for the retail sector, which has seen discretionary spend fall as consumer confidence declined during the last year.

 

Prior to the appointment of administrators, the company closed 46 stores resulting in 507 redundancies, as well as completing the planned closures of 72 “pop up” temporary stores.

 

The remaining business, comprising 51 stores and 500 employees is continuing to trade under the control of the administrators in the short term. There will be an orderly wind down in the event a going concern sale cannot be concluded.

 

Whilst the business continues to trade as a going concern employee numbers are being reduced with 67 redundancies made on appointment, comprising 30 from the Past Times head office in Witney, Oxfordshire and 37 from its warehouse, leaving a central workforce of 31.

 

The remaining stores will enter closing down mode on a nationwide basis where consumers will find significantly discounted stock.

 

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For further media information please contact:

 

Alison Anderson, PR manager, KPMG

T: 0113 254 2980 / 07733 453 065 E: alison.anderson@kpmg.co.uk

 

Or

 

Sorrelle Cooper, Senior PR manager, KPMG

T: 0207 694 8527 / 07932 078218 E: sorrelle.cooper@kpmg.co.uk

 

About KPMG

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff.  The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 150 countries and have 138,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.