Retail latest: Photography chain fails, USC in administration
RETAILER USC, the branded clothing chain has been sold to Scottish entrepreneur and former owner Sir Tom Hunter in a pre-pack deal that has safeguarded more than 1,000 jobs.
The chain, which had six shops in the North West, is the latest casualty of the high street slump.
USC, which was placed into administration yesterday by Sir Tom Hunter’s West Coast Capital investment company, was sold immediately to another Hunter company, which is buying 43 out of the 58 shops.
Those shops not sold – including the sites in Stockport and Manchester’s Arndale Centre, will be wound-up by administrator PKF with the loss of around 300 jobs nationwide.
It was reported that those stores affected were those with the most expensive and restrictive leases.
Last week saw the administration of rival fashion chain The Officers Club, tea and coffee seller Whittard of Chelsea and CD, DVD and game chain Zavvi.
Yesterday childrenswear chain Adams said it had applied to go into administration too.
USC’s other shops are in: Chester, Liverpool, Manchester Trafford Centre, and Southport.
Meanwhile photography chain Olan Mills said it has closed its doors and was going to appoint an administrator.
The firm, which specialised in children’s portraits, operated within some Mothercare branches. In the North West it had a stand-alone outlet in Preston and an area within Mothercare in Chester.
More retail casualties are likely in the next month as January is the time of the year when stocks are lowest and the cash position is at its peak – making it a perfect time for banks to call in their loans or overdrafts.
