The joint administrators to Paul Simon (London) Ltd announced last Friday that, following an initial review of the business’ financial position, they plan to close 17 of the 50 outlets over the next two weeks. The stores to be closed are loss making. A sale will begin in these stores with large discounts on all goods.
On 4th April, 28 members of staff were made redundant in the head office, warehouse and factory. The affected stores employ 137 members of staff, with redundancies to be announced in the next two weeks.
Lee Manning, joint administrator with Deloitte LLP, says: “As part of the review of Paul Simon’s financial position, we have analysed the store portfolio and identified 17 loss-making stores for closure. This step has been taken to enhance the prospect of securing a sale of all or part of the remaining business as a going concern.
“We have received strong support from staff at Paul Simon and the joint administrators are very grateful for their continuing commitment during this difficult period.”
Lee Manning and Nick Edwards were appointed joint administrators of Paul Simon (London) Ltd on 2nd April.
The stores identified for closure were: Aylesbury (11 employees); Banbury (8); Bedford (7); Bournemouth (7); Daventry (5); Dunstable (8); Gillingham (8); Great Yarmouth (8); Luton (5); Margate (7); Portsmouth (12); Reading (12); Sittingbourne (6); Strood (10); Wimbledon (8); Worcester (8); and Worthing (7).
