Furniture store employees face uncertain future as chain goes into administration (From Watford Observer)
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Furniture store employees face uncertain future as chain goes into administration
Workers at large soft furnishings store in central Watford face an uncertain future after the chain went into administration.
Joint administrators, Lee Manning and Nicholas Edwards of Deloitte LLP, have been appointed to Paul Simon, which has an outlet in the Colne Valley Retail Park.
The company, which is headquartered in Barking, has 51 retail stores nationwide and employs around 550 staff.
Following the announcement, administrator Lee Manning, Deloitte partner, said a combination of the recent recession and the rise of online shopping had caused the company’s decline.
He said: "We are working closely with key stakeholders, customers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors.
"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.
"These issues made an element of the store portfolio unprofitable and led to a projected imminent cashflow deficiency resulting in the Administration appointment."
Customers affected by Paul Simon going into administration are advised to call 0207 007 3200 or email email@example.com.
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