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Administrators to clear stock as TJ Hughes sale continues

The administrator for discount department store chain TJ Hughes is in talks with more than 30 parties interested in acquiring the business but are ramping up its clearance Sale to clear stock in the event a deal cannot be secured.

Joint administrator Tom Jack of Ernst & Young said that efforts continued to sell the chain as a going concern.

He 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.”

Interested buyers include Arcadia’s Sir Philip Green and value fashion chain Primark.

Meanwhile, restructuring specialist GA Europe has acquired private equity firm Endless’s debt in the chain and will also clear stock through TJ Hughes stores.

Jack added: “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.”

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