Chichester high street store saved from administration

A Chichester high street store has been saved after being sold by administrators.
By John Holden
Published 14th Feb 2019, 14:32 BST
Updated 18th Feb 2019, 10:27 BST
Chichester's North Street store. Google StreetviewChichester's North Street store. Google Streetview
Chichester's North Street store. Google Streetview

Footwear and fashion retailer tReds was taken over by administrators Ross Connock and Zelf Hussain of PwC on 29 January 2019 following a fall in revenue.

Retail company New Gray Ltd completed the purchase of the company on February 8, securing the future of all 21 stores across the UK and its online platform.

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Administrators insisted the fate of Chichester's North Street store, and its seven employees, was never in doubt and this month's sale will likely ease any concerns.

Chichester's North Street store. Google StreetviewChichester's North Street store. Google Streetview
Chichester's North Street store. Google Streetview

Ross Connock, PwC director and joint administrator, said: “This deal safeguards the jobs of all 159 members of staff and the continued trading of all 21 stores. In an extremely challenging environment, the sale provides a much needed boost for the retail sector and high street and stability for employees.”

A PwC spokesman said that prior to going into administration, tReds had faced similar challenges to those seen across the retail sector, including changing consumer behaviour and economic uncertainty, resulting in reduced revenues.