THE future of a Worthing book shop has become uncertain after the company it is owned by went into administration.
British Bookshops, formerly Sussex Stationers, which has a shop in Montague Street, announced it was going into administration yesterday (Thursday, January 13) because of cash flow problems and difficult trading conditions over Christmas.
The chain has 51 stores, based primarily in the South of England, its headquarters in Brighton, and employs around 300 staff.
It opened its Montague Street store in May, last year, after closing its last Worthing store, also in Montague Street, in early 2009.
Administrators from restructuring company Zolfo Cooper said there were no plans to cut jobs or cease trading while a new owner is sought.
But the company could not guarantee the future of individual shops in the longer term.
A spokesman for Zolfo Cooper said: “It’s too early to say what will happen to indivudal stores, but at the moment the intention is to keep trading while the administrators look for a new buyer.”
Simon Appell, partner of Zolfo Cooper, said: “Today’s appointment is unfortunately the result of cash flow difficulties suffered by the business, coupled with the tough trading climate for retailers and especially booksellers at present.
“This is an attractive company with a large network of stores across the South of England and we have already received expressions of interest from potential buyers.
“In the meantime, we would like to thank staff for their patience and continued professionalism during this difficult period.”