JT Morgan, the Swansea department store, has been rescued from administration by its management team.
Denise Road, chairman of JT Morgan said: “The board of JT Morgan is passionate about the future of the company and we will continue to deliver high quality products and service to our customers and will bring employment and prosperity to Swansea.”
Road urged shoppers in Wales to support the rescue of the business. She added: “The store remains committed to local suppliers and the local community that has supported it for 90 years. This is not just about making profit for a few. What is at stake here is a valuable resource, vital to some and useful to everyone. Support your store, for yourselves, for Swansea and for Wales.”
JT Morgan claims to be the oldest and the largest department store in Wales. It fell into administration in February because of poor trading.
Richard Hawes, administrator at Deloitte & Touche said: “JT Morgan has a long history in the city of Swansea and is the largest independent department store in Wales. It is great news for the employees at the store and for consumers in Swansea, more than 20 jobs were saved during the administration process.”
JT Morgan was due to relocate to a new site in Swansea in the old David Evans store this September. It is unclear if the management plan to press ahead with the new store plans.
To read more about the administration click here.