tReds faces uncertain future as administrators called in
- Credit: Archant
Doubts remain over the future of an Ipswich shoe shop as its parent company was forced to look for a buyer after it was placed into administration.
Weymouth-based fashion retailer tReds, which has 21 shops across the county, has been put into administration due to “challenges” in the retail sector.
Staff at its Ipswich store in Westgate Street will keep their jobs while potential buyers are sought for the business.
It spells bad news for customers planning on returning unwanted items, as the company is no longer offering refunds.
Ross Connock - of PwC, who was appointed as joint administrator alongside Zelf Hussain on January 29, said: “The business has faced similar challenges to those seen across the retail sector, including changing consumer behaviour and economic uncertainty.
“This has resulted in reduced revenues across the store portfolio.
“Despite the best efforts of management, there was unfortunately no alternative but to place the partnership into administration.”
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An employee at the Ipswich store said workers were contacted on Tuesday about the company’s plans.
The staff member said they were told that the shop would only be open until Sunday at the latest, unless a buyer is found before then.
A sign put up in the shop read: “Our stores will continue to trade as normal while the joint administrators assess trading conditions and explore a possible sale of the business.
“We are unable to accept returns of any item bought prior to or after the joint administrators’ appointment.
“Customers will be able to exchange goods for any items of equal, higher (with additional payment) or lower value item.”
There is currently a 30% sale on at the store until it closes.
The store is well-known for selling more expensive shoes from brand manufacturers such as Nike, Uggs and Converse.