There has been a collective sigh of relief across the commercial property market, following the news that a number of TJ Hughes stores are to stay open, after being sold to a homewares company by the TJ Hughes administrators.
It was in June this year and with a heavy heart that one of the Britain’s oldest retail chains was forced to bite the bullet and enter in to administration. A very sad day for all involved with TJ Hughes.
The news also came as a major blow for the commercial property market, as the last thing the struggling retail sector required was for more store closures. TJ Hughes had a total of 57 stores across the UK, taking up 2,500,000 sq ft of floor space.
However a rescue package of sorts has been announced, with the news that Liverpool retailer Lewis’s Home Retail ltd has entered into an agreement with the administrators, Ernst & Young, to buy the collapsed discount department store and its four flagship stores in Eastbourne, Glasgow, Sheffield and Liverpool. Joint administrator Tom Jack said: ‘We are delighted to have exchanged contracts on this deal, which saves 442 jobs and continues the TJ Hughes legacy in Liverpool, as well as in other locations across the UK.’
There is very much a sense of relief for all those involved at the sold stores. A Sheffield Star headline stated; ‘Relief for 140 saved TJ Hughes Workers,’ and Glasgow based the Evening Times read; ‘100 Jobs Are safe As City Centre Store Sold.’
However, it is not all good news, with the remaining 53 stores being left out in the cold. John Gorle, Usdaw National Officer told the Wirral Globe: ‘I’m sure the saving of TJ’s flagship store will be particularly welcome news in Liverpool. Despite this, we remain increasingly concerned about the future of the company’s remaining 53 stores which the administrators say are proving very difficult to find a buyer for.’
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