Stores saved as Officers Club enters administration
FIVE Officers Club stores in Yorkshire have been sold after the clothing retailer went into administration.
Fashion retailer Blue Inc has bought the company’s locations in Castleford, Wakefield and Bradford as well as those in the Meadowhall and White Rose shopping centres.
Joe McLean, from Grant Thornton’s Leeds office, and Les Ross have been appointed joint administrators of Officers Club. Its warehouse function and 56 stores, including six in Yorkshire, were immediately closed.
Mr McLean said: “The company experienced particularly challenging trading conditions in 2010 with raw material costs rising significantly. It was not possible to pass these increases on to customers given the extremely price sensitive nature of the UK retail arena.
“The directors did not see any improvement forthcoming in the early months of 2011 and, mindful of their legal responsibilities, concluded reluctantly that administration was in the best interests of the company’s creditors and other stakeholders.
“It is regrettable that a purchaser for all of the company’s business and assets could not be located but we have managed to find a buyer for almost 50% of the business securing the continuing employment of 400 individuals.”
