USC sold in pre-pack deal
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 has seven shops in Yorkshire , is the latest casualty of the high street.
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 will be wound-up by administrator PKF with the loss of around 300 jobs. It was reported that those stores affected were those with the most expensive and restrictive leases.
It is not known if any of the Yorkshire stores are under threat.
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.
Like USC Whittards and The Officers Club were sold in pre-pack deals.
Yesterday childrenswear chain Adams said it had applied to go into administration too.
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.
USC has sites in Doncaster. Huddersfield, Hull, two in Leeds, Meadowhall and Sheffield.
