A store in Ipswich is saved from the brink
- Credit: Archant
A footwear and fashion retailer which has a 21 stores, including one in Ipswich, has been spared from collapse.
The staff at the tReds shop on Westgate Street in Ipswich had assumed the worst when the company was put into administration last month due to “challenges” in the retail sector.
An employee at the Ipswich store explained that workers were contacted on at the end of last month and were told the store would close imminently, unless a buyer could be found.
And a sign that was in the shop window read: “Our stores will continue to trade as normal while the joint administrators assess trading conditions and explore a possible sale of the business.”
But now, all 159 jobs across the company’s 21 locations and its online business have been saved as the Weymouth-headquartered company has just been bought by New Gray Ltd.
Ross Connock, PwC director and joint administrator, said: “In an extremely challenging environment, the sale provides a much needed boost for the retail sector and high street and stability for employees.”
A member of staff at the Ipswich store said: “As far as I am aware, we are now keeping the Ipswich shop open, which is great news. I am just waiting for an email to come through confirming the situation.”
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The store is well-known for selling more expensive shoes from brand manufacturers such as Nike, Uggs and Converse.