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TJ Hughes stock sale pending as Focus DIY liquidator drafted in

TJ Hughes, the Liverpool-based discount department store chain, moved a step closer to the precipice of closure as it brought in liquidators Gordon Brothers to sell its stock.

The move raises concerns the business will not be sold as a going concern, which would have protected some of the group's 4,000 staff.

TJ Hughes was acquired by Endless, a specialist in company turnarounds, in March. But the company hired Ernst & Young as administrators last month to look for a buyer and E&Y have now appointed Gordon Brothers.

The liquidators' role could extend to closing stores after their stock has been sold. Gordon Brothers is already involved in closing hundreds of do-it-yourself Focus DIY stores after just 55 were sold by its administrators, also Ernst & Young.
The news from TJ Hughes will deepen the gloom on the High Street from which many British household names are disappearing.

Source : The Daily Mail

06 July 2011
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