Menswear store falls victim to credit crunch
Children's clothing retailer is also struggling
The Luton branch of one of Britain's biggest menswear-only retailers is the latest shop to fall victim to the credit crunch, with the future of a children's clothing retailer also looking bleak.
The Officers Club in Luton's Arndale Centre closed its doors for good on Christmas Eve after the company fell into administration. Administrators PricewaterhouseCoopers agreed a buyout deal with TimeC1215, a new company backed by David Charlton the chief executive of the Officers Club.
Despite 118 of the chain's 150 stores being saved in a buyout deal, the Luton branch was one of 32 stores nationwide to close with immediate effect. It is unclear how many staff were employed at the store.
Children's clothing giant Adams, which also has a branch in the Arndale Centre, are set to call in the same company of administrators with around 2,000 jobs nationwide under-threat. The 75-year-old retailer has 260 stores nationwide, including also in Dunstable, and makes clothes for Boots the chemist as well as trading through its own stores.
Despite the bite of the credit crunch claiming two more high profile victims, Brian McFarland, the Arndale Centre's general manager, insisted that business was booming during the post-Christmas sales.
He said: "Business is pretty good. It's always mixed, but generally speaking we're very pleased with sales both before Christmas and on Boxing Day and most of the stores have easily met their targets."
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Friday 25 May 2012
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