Retail carnage deepens as Bathstore nears collapse
The chain, which has 163 stores, is close to appointing BDO to oversee an administration process, Sky News learns
Wednesday 19 June 2019 20:57, UK
The carnage gripping Britain's retail sector is on the brink of claiming another victim with the specialist bathrooms chain Bathstore 鈥巆lose to appointing administrators.
Sky News has learnt that privately owned Bathstore is lining up BDO, the accountancy firm, to handle an insolvency process.
Sources said that a notice of intention to appoint BDO as administrators is likely to be filed early next week.
BDO declined to comment, while Bathstore, whch trades from more than 160 stores across the UK, could not be reached for comment.
The size of the company's workforce was unclear on Wednesday evening, but an administration process would be likely to endanger hundreds of jobs.
If a rescue deal cannot be agreed, it would be the latest collapse of a well-known British retailer, following chains including Maplin and Toys R Us, both of which have gone bust in the last 18 months.
Tens of thousands of jobs have been lost elsewhere across the sector, with companies such as Debenhams, House of Fraser and New Look all closing stores and slashing jobs.
Most recently, Sir Philip Green's Arcadia Group, which owns Top Shop, has been forced to beg creditors for approval for a rescue deal.
On Friday, Monsoon Accessorize will unveil a plan to seek steep rent cuts in exchange for handing landlords a £10m share of future profits.
The high street crisis has spurred a range of calls for government help, although beyond a series of funds aimed at regenerating high streets, little assistance has materialised.
Bathstore has been struggling for some time, undergoing several changes of ownership during the last decade.
Last year, it explored a merger with rival Victoria Plum, but the talks failed to result in a deal.