Latest news: T J Hughes in administration

Promotional sales begin at the department store as UK retail chains close at a rate of 20 per day. 15/07/2011

T J Hughes, the Liverpool-based chain went into administration this month with closing down sales at their 57 department stores. With 4,000 jobs at risk, Tom Jack of financial analysts Ernst & Young said that TJ Hughes were in talks with buyers, and were encouraged by the positive response.

‘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,’ Tom said.

As the administrators hold out for an offer, they also announced a fire sale at the Liverpool branch of the store to run down stock levels.

‘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’, added Tom.

The Local Data Company compiled analysis that showed 4,000 stores in the first five months of this year had closed.

‘Practical steps are needed to protect and promote our high streets so they remain attractive locations where businesses of all kinds can thrive,’ warned Stephen Robertson, director general of the British Retail Consortium.

In the last two months, Homeform and Focus DIY have been among the retail chains hit with closures. With increased inflation and a slump in economic growth, consumer confidence is low and spending has plummeted. Even so, some regions have seen a net gain with new stores opening.

‘The priority must be protecting that growth and helping it spread to all parts of the country, boosting town centres and creating jobs’ he added.