TJ Hughes on brink of administration

Discount department store chain TJ Hughes has filed an intention to appoint an administrator which could result in the closure of 57 stores and up to 4,000 job losses.

The company, which was acquired three months ago by private equity group Endless, has faced difficulties since its insurers refused to provide cover that would protect suppliers if the business failed. It has been reported that TJ Hughes needed a £30 million cash injection to survive but has been unable to raise the funds.

Accountant Ernst & Young is understood to be ready to take control.

Source : The Retail Bulletin
www.theretailbulletin.com/news/tj_hughes_files_for_administration_28-06-11/