Worthing high street store saved from administration

A Worthing high street store has been saved after being sold by administrators.

Footwear and fashion retailer tReds was taken over by administrators Ross Connock and Zelf Hussain of PwC on January 29, 2019, following a fall in revenue.

tReds in Worthing's Montague Street

tReds in Worthing's Montague Street

Retail company New Gray Ltd completed the purchase of the company on February 8, securing the future of all 21 stores across the UK and its online platform.

Administrators insisted the fate of Worthing's Montague Street store, and its seven employees, was never in doubt and this month's sale will likely ease any concerns.

Ross Connock, PwC director and joint administrator, said: “This deal safeguards the jobs of all 159 members of staff and the continued trading of all 21 stores. In an extremely challenging environment, the sale provides a much needed boost for the retail sector and high street and stability for employees.”

A PwC spokesman said that prior to going into administration, tReds had faced similar challenges to those seen across the retail sector, including changing consumer behaviour and economic uncertainty, resulting in reduced revenues.