ADMINISTRATORS have been called in at TJ Hughes.
Eastbourne’s Terminus Road discount department store may shut its doors if a buyer cannot be found. A sale is now on but the staff at the store and the town’s MP Stephen Lloyd are hoping a buyer will come forward to save the chain.
Tom Jack and Simon Allport from Ernst & Young have been appointed as administrators to advise and assist with the sale of stock in TJ Hughes stores.
The administrators are also actively seeking a sale of the company’s business and assets as a going concern.
Tom Jack said, “We are already in discussions with over 30 interested parties and we are encouraged by the strong level of interest in the business and its portfolio of 57 stores.
“However, there are significant stock levels and we therefore must ensure we are also pursuing a strategy to trade this stock through the business, in case we cannot find buyers for all of the company’s stores and employees.
“Promotional activity will therefore commence immediately in all TJ Hughes stores.”
TJ Hughes announced it was struggling and likely to go in to administration at the beginning of July.
The national chain has 57 stores throughout the UK and employs more than 4,000 staff nationwide.
The news of TJ Hughes’ financial difficulties came as Jane Norman in Debenhams closed, Thorntons announced plans to slim down its estate and Carpetright admitted a 70 per cent slump in profits.
Scores of people working in the struggling high street stores are now facing an uncertain future.
In addition, Hampden Park’s pharmaceutical firm Teva last week announced it plans to move some operations to Europe.
The move means 34 members of staff face redundancy and are currently in a consultation period.
Teva employs 200 people in the town.