Two hundred jobs are under threat after family firm Collectables goes into administration*. *
Trading at the 27-year-old business has been hit by challenging economic conditions. The company, which started from a barrow in the Metro Centre in Gateshead, has 11 gift stores and sells furniture from three units in Stockton.
Staff were told the news last night and all the stores are closed today, September 26. Administrators, KPMG, say there have been no redundancies so far but the situation is uncertain.
Collectables has gone into administration, putting 200 jobs at risk. The company has 11 shops across the North-East, Yorkshire and Cumbria, and as a furniture retailer from three units at Collectables Retail Park, Stockton.
“Sustained difficult trading conditions have resulted in the business facing cash pressures with a further increased demand for working capital in preparation for the Christmas trading period."
– Jonny Marston, Mark Firmin and Howard Smith from KPMG’s Restructuring
Administrators have closed the stores. There has been no immediate redundancies but the situation is uncertain.