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Seven jobs at risk at store as homeware firm in administration

DWINDLING profit margins and widespread flooding have been blamed for a homeware retailer entering administration.

Paul Simon, which has a branch at Lyons Farm, Worthing made the announcement last week.

Seven employees at the store now face an uncertain future.

Lee Manning, partner at Deloitte, which has been appointed administrators of the firm, said they were working hard to secure a sale and preserve jobs.

He said: “Like many other retailers, Paul Simon has been hit hard by the uncertain economic environment.

“In addition, its core business has been undermined by the increasing importance of online sales causing an erosion of margins.

“This was compounded by the impact of the recent widespread flooding which restricted many customers’ access to several stores.”

He added: “These issues made an element of the store portfolio unprofitable and led to a projected imminent cashflow deficiency, resulting in the administration appointment.”

Paul Simon, headquartered in Barking, operates from 51 leasehold retail stores, largely in the South and South East, and an online platform, employing approximately 550 staff.

These sites are primarily situated in out of town retail parks.

The Worthing branch is the only one in the Herald and Gazette patch, with the next nearest store in Crawley.

Any customers with queries about deliveries should visit the company website, which will be regularly updated, at www.paulsimon.co.uk

Alternatively, visit www.deloitte.com/uk/paulsimon

The stores remain open while administrators seek a buyer.

 

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